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Market Update: Portugal Posts Widest Current Account Gap in Nearly a Year
Portugals current account deficit widened to EUR 576.5 million in April of 2021 from EUR 459.2 million in the corresponding month of the previous year. It was the biggest monthly current account gap since May last year, as the goods account gap fell only slightly to EUR 945.4 million from EUR 1,085 million a year ago; while the primary income shortfall rose sharply to EUR 484 million from EUR 5.52 million. On the other hand, the services surplus rose slightly to EUR 318.8 million from EUR 294 million in April 2020, as tourism revenues increased to EUR 324 million from EUR 181 million; and the secondary income also widened to EUR 534.2 million from EUR 337.3 million, aided by workers’ remittances (EUR 280 million from EUR 281 million). In the first four months of 2021, the country’s current account gap fell to EUR 1,049 million from EUR 1,105 million a year ago, mainly due to a decline in the goods account gap to EUR 3,002 million from EUR 5,171 million. source: Banco de Portugal [/s2If]
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