Portugal's current account deficit widened to €632.82 million in May 2026, from €445.25 million in the same month a year earlier.
The deterioration was primarily driven by a 4.2% decline in the services account surplus to €2.71 billion, reflecting lower receipts from technical trade-related services and other business services.
The goods account deficit also widened, rising 4.7% to €2.57 billion, as import growth (4.2%) outpaced export growth (4.0%), despite tourism revenues increasing to €2.74 billion.
Meanwhile, the primary income deficit narrowed 0.6% to €1.27 billion, while the secondary income surplus increased 8.6% to €493 million, supported by higher reinsurance claims received from abroad related to compensation for damages caused by the storms that affected Portugal during the first months of the year.