Portugal’s current account balance shifted to EUR 173.8 million deficit in December 2018 from EUR 18.2 million surplus in the same month of the previous year. The goods gap widened to EUR 1401.7 million from EUR 1261.3 million a year earlier and the primary income shortfall rose to EUR 366.4 million from EUR 158.2 million. Meanwhile, the services surplus increased to EUR 1197 million from EUR 1130.6 million a year ago, mostly boosted by tourism revenues (EUR 1064.9 million from EUR 1021.9 million) and the secondary income surplus rose to EUR 397.3 million from EUR 307 million. Considering full 2018, the country posted a current account deficit of EUR 1230.4 million compared to a EUR 878.6 million surplus in 2017. Current Account in Portugal averaged -766.03 EUR Million from 1996 until 2018, reaching an all time high of 1105.17 EUR Million in July of 2016 and a record low of -2590.60 EUR Million in June of 2010.
Current Account in Portugal is expected to be -120.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Portugal to stand at -110.00 in 12 months time. In the long-term, the Portugal Current Account is projected to trend around -120.00 EUR Million in 2020, according to our econometric models.