Portugal’s current account surplus shrank dramatically at the start of the year, slipping to 0.017 billion euros in January 2026 from 3.800 billion euros in December 2025, according to data updated on 20 March 2026.
The sharp month-on-month slowdown marks a significant cooling after December’s strong external balance. While detailed drivers of the shift were not included in the latest release, the January figure signals a much thinner surplus entering 2026, potentially reflecting seasonal factors or changes in trade and income flows.
Analysts and market participants will be watching subsequent months’ data closely to see whether January’s reading proves to be a temporary adjustment or the start of a more sustained narrowing in Portugal’s current account position.
