FX.co ★ Portugal Current Account Deficit Widens in May

Portugal’s current account deficit widened to €632.82 million in May 2026, compared with €445.25 million in the same month a year earlier. This deterioration was mainly driven by a 4.2% decline in the services surplus, which fell to €2.71 billion, reflecting lower receipts from technical trade-related services and other business services. The goods deficit also increased, rising 4.7% to €2.57 billion, as imports grew 4.2%, outpacing export growth of 4.0%, even though tourism revenues rose to €2.74 billion. At the same time, the primary income deficit narrowed by 0.6% to €1.27 billion, while the secondary income surplus expanded by 8.6% to €493 million, supported by higher reinsurance claims from abroad related to compensation for damage caused by storms that affected Portugal in the first months of the year.