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Portuguese current account deficit narrows sharply

29.04.2012 - 21:58

Data from the Portuguese central bank last week showed the country’s current account deficit decreased significantly in the first two months of this year. The breakdowns showed, Portugal’s current account deficit decreased to €907 million in the two months ended February from €1.93 billion in the same period last year. 

The goods trade account showed a deficit of €1.46bn during the period, markedly lower than the €2.31bn deficit seen a year earlier. Meanwhile, the services account showed a surplus of €887m during the three-month period, higher than the €758m surplus recorded in the same period last year. The deficit in the income account widened to €966m in the January-February period from €851m in the comparable period last year, while the surplus in the current transfers account rose to €635m from €471m, the agency said.