22
BANCO DE PORTUGAL • Boletim Estatístico
National accounts
A.1
Source: Banco de Portugal, Instituto Nacional de Estatística, European Central Bank, Eurostat and Bureau of Economic Analysis
Euro Area(1)
Portugal
2015 Q2
2015 Q3
2015 Q4
2015 Q2
USA
2015 Q3
2015 Q4
2015 Q2
2015 Q3
2015 Q4
(year-on-year rate of change - y.r. - in percentage)
1
2
3
4
5
6
7
8
9
1.5
1.4
1.3
Real Gross domestic product (GDP) ……………………………………………………………………………………………………..
1.6
(2)
1.6
1.6
2.7
2.1
2.0
2
Private consumption…………………………………………………………………………………………………..……………………………..
3.3
2.3
2.4
1.7
1.8
1.5
3.3
3.1
2.7
3
Government consumption………………………………………………………………………………………………………..
1.1
0.8
0.7
1.2
1.2
1.6
0.3
0.1
0.8
4
Gross fixed capital formation (GFCF)…………………………………..……………………………..……………………………..
5.2
2.0
0.2
2.6
2.5
3.4
4.3
3.6
3.0
1.4
1.9
2.2
3.2
2.8
2.5
1
(3)
5
3.7
2.1
2.2
Domestic demand ………………………………………………………………………………………………………………………………
6
Exports……………………………………………………………………………………………………………………………………………………………………..
7.1
4.0
2.6
6.0
4.6
3.6
1.5
1.2
-0.6
7
Imports……………………………………………………………………………………………………………………………………………………………………..
12.5
5.4
4.8
5.8
5.5
5.3
4.8
5.6
2.9
0.3
1.0
0.5
0.3
(chain rate of change - c.r. - in percentage)
8
(2)
0.4
Real Gross domestic product (GDP) ………………………………………………………………..
0.1
0.2
0.4
0.3
Euro Area(1)
Portugal
2015 Q2
2015 Q3
2015 Q4
2015 Q2
USA
2015 Q3
2015 Q4
2015 Q2
2015 Q3
2015 Q4
(4)
(in percentage of the disposable income )
1
9
2
3
4
5
6
7
8
9
Households saving ratio …………………………………………………………………………………...…………………………………………………………………………………...……………………………………………………………………………………
4.8
4.4
4.2
12.7
12.6
12.5
5.0
5.0
5.0
Real GDP and domestic demand - y.r.
Real GDP and external demand - y.r.
15
10
10
5
5
in percentage
in percentage
15
0
-5
-10
0
-5
-10
-15
-15
-20
2011
GDP
2012
2013
Private consumption
2014
2015
Government consumption
-20
2011
2012
2014
Imports
Spain
in percentage
-2
0.5
1.3
Euro Area
0.5
1.5
Netherlands
0.5
1.4
USA
0.1
-8
Portugal
0.1
Economic activity
2016
Private consumption
1.0
0.3
-6
2015
2.1
0.4
Belgium
2014
1.0
France
Italy
2013
1.6
0.6
United Kingdom
-4
3.4
0.7
Austria
0
y.r.(%)
0.8
Germany
2
2012
2015
Exports
Real GDP - 1st Quarter of 2016(5)
Rate of change vs previous quarter (%)
Economic activity and private consumption
coincident indicators - y.r.
4
2013
GDP
GFCF
1.5
0.2
Greece
1.9
0.8
-1.3
- 0.4
-1.5
-1.0
(1) Euro Area: fixed composition 19 countries.
(2) Seasonally adjusted.
(3) Including changes in inventories.
(4) For Portugal and Euro Area includes adjustment for the change in net equity of households in pension fund reserves; based on four-quarter cumulated transactions.
(5) Source: Eurostat - Flash estimate. All data are seasonally and workind days adjusted.
-0.5
0.0
0.5
1.0
1.5
24
BANCO DE PORTUGAL • Boletim Estatístico
Economic activity indicators
A.2
Source: Instituto Nacional de Estatística, Associação do Comércio Automóvel de Portugal, Eurostat, European Comission, Organization for Economic Co-Operation and Development, Federal Reserve
System and European Automobile Manufacturers’ Association
Portugal
Dec-15
Feb-16
Euro Area
Mar-16
Apr-16
Dec-15
Feb-16
(1)
USA
Mar-16
Apr-16
Dec-15
Feb-16
Mar-16
Apr-16
(year-on-year rate of change - y.r. - in percentage)
1
2
3
4
5
6
7
8
9
10
11
12
Industrial production index (IPI)
Overall (excluding construction)…………………………………………………………………..…………………………………..…………………………………..
0.7
2.2
-0.3
.
0.4
1.1
1
0.1
.
-2.3
-1.4
-1.9
-1.1
2
Consumer goods………………………………………………………………………………………………………………………………………
-1.5
1.6
-4.1
.
2.1
1.4
-2.5
.
-0.2
1.3
-0.1
1.3
3
Intermediate goods………………………………………………………………………………………………………………………………………
3.4
1.1
1.1
.
0.8
2.4
1.1
.
-0.9
-0.1
-0.5
-0.5
4
Investment goods………………………………………………………………………………………………………………………………………
2.8
7.3
-0.8
.
-0.4
3.2
1.7
.
-5.7
-3.5
-3.2
-2.0
5
Energy………………………………………………………………………………………………………………………………………
-1.9
0.9
4.0
.
-5.5
-1.2
.
-7.2
-7.9
-8.9
-7.1
Retail trade (volume)………………………………………..…………………………………..…………………………………..…………………………………..
-0.2
4.9
2.5
.
2.5
2.4
.
.
1.6
2.1
0.2
.
6.0
9.1
-9.0
-0.3
-11.5
-6.9
11.1
.
-
-
-
-
103.0
103.9
99.1
98.9
98.8
.
6
-4.1
Vehicle registrations(5)
7
Passenger vehicles ………………………………………………………………………………………………………………………………………
18.0
26.9
28.1
17.0
16.6
14.3
8
Commercial vehicles (above 3.5 ton.) ………………………………………………………………………………………………………………………………………
2.8
31.1
11.7
17.6
23.7
23.4
(in index)
Economic sentiment indicator……………………..……………………………….………..……………………………….………..……………………………….
104.3
103.6
104.1
106.5
106.6
103.9
(4)
(in index)
(balance of respondents )
10 Consumer confidence indicator……………………..….………………..….………………..….………………..….………………..….
-10.9
-14.2
-12.5
-12.2
-5.7
-3.0
-3.0
-4.0
-4.0
-2.0
11 Industry confidence indicator……………………..….………………..….………………..….………………..….………………..….………………..….
IPI overall (excluding construction) - y.r.
15
-8.8
-9.7
-9.3
92.6
91.7
91.0
89.0
-4.1
-4.2
-3.7
48.0
49.5
51.8
50.8
Economic sentiment indicator
120
101.5
101
5
in index
in percentage
110
-5
100.5
100
100
99.5
90
99
80
98.5
70
2013
Portugal
2014
Euro Area
2015
2016
USA
Consumer confidence indicator
0
60
2012
110
70
-40
in index
80
-30
60
-50
50
-60
2012
2013
Portugal
2014
2015
Euro Area
2016
40
USA (right hand scale)
balance of respondents
balance of respondents
90
-20
2013
Portugal
2014
Euro Area
2015
97.5
2016
USA (right hand scale)
Industry confidence indicator
0
100
-10
98
70
60
-5
50
-10
40
-15
30
in index
-15
2012
in index
Confidence indicators
9
(2)(3)
20
-20
-25
2012
10
2013
Portugal
(1) Euro Area: fixed composition 19 countries.
(2) Seasonally adjusted.
(3) The comparison of the absolut values is not possible. The USA indexes are:
- Leading indicator (index); Source: OECD.
- Consumer confidence (index); Source: Thomson Reuters / University of Michigan.
- Business confidence: manufacturing (index); Source: Institute for Supply and Management.
(4) Data is presented as a balance between the percentage of positive and negative answers.
(5) The registrations include the registrations of new vehicles by official automobile suppliers (sales of vehicles) as well as the registrations of imported used vehicles.
2014
Euro Area
2015
2016
0
USA (right hand scale)
26
BANCO DE PORTUGAL • Boletim Estatístico
Labour market
A.3
Source: Instituto Nacional de Estatística, Eurostat and Bureau of Labor Statistics
Portugal
Nov-15
Dec-15
(1)
Euro Area(2)
Jan-16
Feb-16
Mar-16
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
(year-on-year rate of change - y.r. - in percentage)
1
2
3
4
5
6
7
8
9
10
1
Unemployment ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
-9.3
-10.7
-12.5
-10.3
-9.4
-8.9
-7.6
-7.4
-7.0
-8.2
2
Unemployment rate …………………………………………………………………………………………………………………………………………………………………………………….………………………………………………………………………………………………………
12.3
12.2
12.1
12.2
12.1
10.5
10.5
10.4
10.4
10.2
(in percentage)
Portugal(3)
2015 Q1
2015 Q2
Euro Area(2)
2015 Q3
2015 Q4
2016 Q1
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
(year-on-year rate of change - y.r. - in percentage)
1
2
3
4
5
6
7
8
9
10
3
Employment …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
1.1
1.5
0.2
1.6
0.8
0.9
0.9
1.0
1.2
.
4
Labour force ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………
-0.5
-0.8
-1.1
0.1
-0.7
0.2
0.3
0.1
0.2
.
(in percentage)
5
(4)
73.2
73.3
73.5
73.6
73.4
72.2
72.4
72.5
72.6
.
Participation rate ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
Labour market - Portugal
4 800
950
4 700
900
4 600
850
4 500
800
4 400
750
Employment - y.r.
3
2
4 300
700
4 200
650
4 100
Mar/11
Mar/12
Mar/13
Employment
Mar/14
Mar/15
600
Mar/16
in percentage
0
103 persons
103 persons
1
-1
-2
-3
-4
-5
-6
Unemployment (right hand scale)
Q1
2013
Q1
2014
Portugal
Unemployment rate
20
Q1
2012
Q1
2015
Q1
2016
Euro Area
Participation rate
74
18
16
in percentage
in percentage
14
12
10
72
8
6
4
70
Q1
2012
Q1
2013
Portugal
Q1
2014
Q1
2015
Euro Area
Q1
2016
Q1
2012
Q1
2013
Portugal
Q1
2014
Q1
2015
Q1
2016
Euro Area
(1) Seasonally adjusted values based on the Labour Force Survey for population aged between 15 and 74 years old. Monthly figures refer to estimates for centered moving quarters, where the reference month is the mid-one of each quarter.
(2) Fixed composition 19 countries.
(3) INE introduced a new methodology in the employment survey in the 1st quarter of 2011. Consequently, data for Portugal in the table and in the charts, starting on this period, are not comparable with the ones obtained with the previous
methodology.
(4) Participation rate for the group aged between 15 and 64 years.
28
BANCO DE PORTUGAL • Boletim Estatístico
Productivity and labour costs
A.4
Sources: Banco de Portugal, Instituto Nacional de Estatística, Ministério da Economia e do Emprego, Instituto de Informática do Ministério da Solidariedade e Segurança Social, European Central Bank
and Eurostat
Euro Area(1)
Portugal
2013
2014
2015
2013
Differential
2014
2015
2013
(annual rate of change - a.r. - in percentage)
1
(2)
2
3
4
5
3.6
-1.4
-0.6
1.6
1.3
……………………………………………………………………………………………………………………………………………………………………………………...
1
Compensation per employee
2
Productivity
3
1.8
-0.9
-0.6
1.2
1.0
Unit labour costs(4) …………………………………………………………………………………………………………………………………………………….............................................................
(3)
2014
2015
(in percentage points)
1.8
-0.5
0.1
0.4
……………………………………………………………………………………………………………………………………………………………………………………...
0.3
6
7
8
9
1.3
2.0
-2.7
-1.9
0.5
1.4
-0.8
-0.4
0.8
0.6
-1.9
-1.4
Portugal
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
(5)
(rate of change
1
4
2
3
Dec-15
Jan-16
Feb-16
Mar-16
- in percentage)
4
5
6
7
Implicit average negotiated wage growth - Total excluding general government ..............................................................................................................................................................................................................
0.3
.
1.3
0.8
0.5
.
0.8
8
9
.
1.7
.
.
(accumulated rate of change(6) - in percentage)
5
Compensation of employees declared to Social Security....................................................................................................................................................................................................................................................
0.8
0.7
0.7
0.7
0.7
0.6
.
Relative unit labour costs(7)
140
130
in index
120
110
100
90
80
2004
Portugal
2005
2006
Euro Area
2007
2008
Germany
2009
Spain
2010
2011
France
2012
Greece
2013
2014
Ireland
2015
Italy
(1) Euro Area: fixed composition 19 countries. The annual series are computed on quarterly series working day adjusted.
(2) Compensation per employee is calculated as the ratio of compensation of employees to employees. In the case of Portuguese data, compensation per employee is adjusted for the direct effects of the sale of tax credits by the general
government in 2003. For more details see Box 6.1 Budgetary effects of the temporary measures implemented from 2002 to 2004", Annual Report 2004, Banco de Portugal. In addition, the series on compensation per employee is based on data
from the national accounts – ESA 2010 – base 2011, applying the same methodology for the period prior to 2005. For more details about this methodology, see Box 2 "Relative unit labour costs in Portugal: methodological issues and
developments in the last decade", Economic Bulletin Summer 2010, Banco de Portugal. Employment is measured as number of individuals.
(3) Productivity is calculated as the ratio of real GDP to total employment. Total employment is measured as number of individuals.
(4) Unit labour costs are calculated as the ratio of compensation per employee to productivity.
(5) Rates for each month are based on the annual increase of the negotiated wages weighted by the number of workers covered.
(6) Total compensation includes all types of payments to employees reported in the Compensations Management System of Instituto de Informática and identified in the Identification and Qualification System of the Social Security. The
categories of compensations included are: permanent compensation, vacation and christmas subsidies and other types of compensation (namely bonuses, promotions, variable income and other subsidies). The Compensations Management
database is permanently updated. Nevertheless, there are some reporting delays that affect mainly the last 4 months.
(7) The series plotted refer to real effective exchange rates deflated by the relative unit labour costs. A positive change means an increase in the relative costs of exporting. For Portugal, compensation data were adjusted (for more details see
note 2). Figures for the Euro Area refer to a group of 19 trading partners. For the other countries, including Portugal, the series are calculated vis-à-vis the 18 other Euro Area countries and a group of 19 non-Euro Area trading partners.
30
BANCO DE PORTUGAL • Boletim Estatístico
Prices
A.5
Source: Instituto Nacional de Estatística, European Central Bank, Eurostat and Bureau of Labor Statistics
(1)
Portugal
Feb-16
USA(2)
Euro Area
Mar-16
Apr-16
Feb-16
Mar-16
Apr-16
Feb-16
Mar-16
Apr-16
(year-on-year rate of change - y.r. - in percentage)
1
2
3
Harmonized index of consumer prices (HICP) - Total…….………………………………….………..………….………..………….………..…
0.2
0.5
0.5
1
4
5
-0.2
0.0
6
8
9
-0.2
1.0
0.9
1.1
-1.1
-1.6
-2.1
-1.4
Food……………………………………………………………………………………………………….……….………..………….………..………….………..………….………..…
0.1
0.1
0.5
0.6
0.8
0.8
Goods……………………………………………………………………………………………………..……….………..………….………..………….………..………….………..…
-0.5
-0.4
-0.2
-1.0
-1.1
2
7
0.9
0.8
1.0
4
Unprocessed…………………………………………...………………………….………..………….………..………….………..….………….………..…
-0.1
-0.4
1.2
0.6
1.3
1.2
-
-
-
5
Processed……….....……………………………………………….………..………….………..………….………..………….………..….………….………..…
0.3
0.5
-0.1
0.6
0.4
0.5
-
-
-
6
Industrial…………………………………………………………………………………………………………………….………..………….………..………….………..…
-0.9
-0.8
-0.7
-1.9
-2.1
-2.1
-3.4
-4.1
-3.0
3
7
Non-energy…………………………………………………………………………………………………………………………………………….………..….………….………..…
0.2
0.1
0.1
0.7
0.5
0.5
0.1
-0.4
-0.5
8
Energy…………………………………………………………………………………………………………………………………………….………..….………….………..…
-4.0
-3.5
-3.1
-8.1
-8.7
-8.7
-20.9
-21.2
-14.2
0.9
2.6
2.7
2.7
0.7
2.3
2.2
2.1
Services…………………………………………………………………………………………………………………………….………..………….………..………….………..…
1.1
1.7
1.5
0.9
1.4
9
10
(3)
0.6
1.0
0.8
HICP excl. unprocessed food and energy ……………………………….…………………...…….……….………..………….………..…
0.8
Euro Area(1)
Portugal
2013
1.0
2014
2015
2013
USA(2)
2014
2015
2013
2014
2015
(average rate of change - in percentage)
1
11
2
3
4
Harmonized index of consumer prices (HICP) - Total……………………….....….....….....….....….....….....…
0.4
-0.2
0.5
1.4
Goods…………………………………………………………………………………………………….......….....….....….....….....….....….....….....…
0.0
-1.1
-0.1
1.3
12
5
6
7
8
9
0.4
0.0
1.5
1.6
0.1
-0.2
-0.8
0.0
0.1
-3.3
13
Food………………………………………………………………………………………………………......….....….....….....….....….....….....………..
2.3
-0.7
1.5
2.7
0.5
1.0
1.4
2.3
1.8
14
Unprocessed…………………………………………………………….......….....….....….....….....….....….....….....…..….....………..
2.6
-2.1
1.9
3.5
-0.8
1.6
-
-
-
15
Processed………………………………………………………….....….....….....….....….....….....….....….....….....….....…..….....………..
2.0
0.4
1.2
2.2
1.2
0.6
-
-
-
-0.5
-1.8
-0.8
-1.2
-6.5
Industrial…………………………………………………………………………………………………………….....….....….....….....….....….....….....…
-1.5
-1.4
-1.3
0.6
16
17
Non-energy…………………………………………………………………………………………………………………………………….....….....…..….....………..
-1.5
-1.4
-0.7
0.6
0.1
0.3
0.0
-0.3
-0.5
18
Energy…………………………………………………………………………………………………………………………………….....….....…..….....………..
-0.7
-1.5
-3.7
0.6
-1.9
-6.8
-2.7
-3.4
-27.0
Services…………………………………………………………………………………………………………………….....….....….....….....….....….....….....….....…
1.1
1.1
1.4
1.4
1.2
1.2
2.4
2.6
2.3
0.8
1.8
1.7
1.8
19
20
0.4
0.2
HICP excl. unprocessed food and energy(3)…………..…………………...……......….....….....….....….....….....….....…
0.7
HICP Total - y.r
5
6
5
4
3
2
1
0
-1
-2
-3
-4
4
in percentage
in percentage
3
2
1
0
-1
-2
2012
20
2013
Differential (4)
2014
Portugal
2015
2016
Euro Area
Non-energy commodity prices - y.r.(5)
1.3
0.9
HICP - y.r.
2012
2013
Differential (4)
100
2014
Goods
2015
2016
Services
Brent crude price(6) (per barrel)
in euros
in percentage
80
0
60
40
-20
2012
2013
2014
2015
2016
20
2012
(1) Euro Area: changing composition.
(2) Consumer price index (CPI).
(3) For USA, CPI excluding food and energy.
(4) The differential is measured in percentage points (pp).
(5) Source: ECB. This indicator refers to prices expressed in euro, weighted according to the structure of Euro Area imports in the 2004-2006 period.
(6) Source: ECB. Brent Blend (for one-month forward delivery).
2013
2014
2015
2016
32
BANCO DE PORTUGAL • Boletim Estatístico
Financial accounts
A.6
Source: Banco de Portugal, Instituto Nacional de Estatística and European Central Bank
Euro Area(1)
Portugal
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
(2)
(as a percentage of GDP )
1
2
3
4
5
6
7
8
9
10
1.5
1.7
1.7
2.6
2.8
2.7
2.9
3.0
2
Non-financial corporations …………………………………………………….…………………………………………………….…………………………….
1.0
1.5
1.1
1.2
1.3
0.3
0.2
0.5
0.4
1.3
3
Financial corporations …………………………………………………….…………………………………………………….…………………………….
5.1
4.9
4.9
2.1
4.0
1.3
1.2
0.7
0.7
0.2
4
General government …………………………………………………….…………………………………………………….…………………………….
-7.2
-7.1
-6.4
-3.1
-4.4
-2.6
-2.5
-2.4
-2.1
-2.1
5
Households …………………………………………………….…………………………………………………….
2.7
2.5
0.8
3.6
3.9
3.9
3.9
3.6
Net lending (+) / net borrowing (-), by institutional sector
Four quarters cumulated flows
1
Total economy …………………………………………………….…………………………………………………….…
1.6
1.9
Portugal
6
1.6
Euro Area
6
4
4
2
2
0
0
-2
-2
-4
-4
-6
-6
-8
-8
-10
-10
-12
1.9
-12
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010
2011
2012
2013
Total economy
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010
2015
Non-financial corporations
2011
2012
Financial corporations
2013
General government
2015 Q1
2015
Households
(1)
Portugal
2014 Q4
2014
Euro Area
2015 Q2
2015 Q3
2015 Q4
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
(2)
(as a percentage of GDP )
1
2
3
4
5
6
-112.7
-111.8
7
8
9
10
Net financial assets, by institutional sector
End of period outstanding amounts
-109.4
-11.3
-8.0
-7.4
-6.8
-5.2
7
Non-financial corporations …………………………………………………….…………………………………………………….…………………………….
-138.2
-138.7
-134.7
-133.0
-133.6
-87.7
-91.0
-88.4
-84.6
-86.3
8
Financial corporations …………………………………………………….…………………………………………………….…………………………….
12.2
12.4
10.7
13.0
7.1
8.5
6.2
6.6
8.3
9
General government …………………………………………………….…………………………………………………….…………………………….
-108.5
-111.6
-108.5
-110.3
10
Households …………………………………………………….…………………………………………………….
120.2
121.8
6
Total economy …………………………………………………….…………………………………………………….…
-114.4
-116.2
Portugal
200
119.8
150
100
100
50
50
0
0
-50
-50
-100
-100
-150
-150
-200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010
2011
2012
Total economy
(1) Euro Area: fixed composition 19 countries.
(2) GDP figures refer to the last four quarters cumulated flows.
2013
-108.8
-72.1
-74.5
-70.5
-71.8
-71.4
119.7
141.4
148.9
145.4
142.9
144.2
Euro Area
200
150
-200
118.5
13.3
2014
Non-financial corporations
2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010
Financial corporations
2011
2012
2013
General government
2014
2015
Households
34
BANCO DE PORTUGAL • Boletim Estatístico
Monetary aggregates
A.7
Source: Banco de Portugal and European Central Bank
Euro Area(1)
Dec-14
Mar-15
Dec-15
Portuguese contribution(2)
Feb-16
Mar-16
Dec-14
Mar-15
Dec-15
Feb-16
Mar-16
9
(10 euros)
1
2
3
4
5
6
7
8
9
10
End-of-month outstanding amounts
1
M1…………………………………………………………………………………………………………………………………………………………………….…………………………….
5 938.6
6 113.1
6 631.0
6 685.0
6 720.4
55.0
55.6
66.4
68.2
68.9
2
M2…………………………………………………………………………………………………………………………………………………………………….…………………………….
9 681.9
9 809.3
10 235.1
10 281.5
10 326.5
143.8
142.9
149.6
150.9
152.5
3
M3…………………………………………………………………………………………………………………………………………………………………….…………………………….
10 310.3
10 465.3
10 834.5
10 941.1
10 965.9
146.5
145.4
152.6
153.7
155.4
(annual rate of change - a.g.r. - in percentage)
M1…………………………………………………………………………………………………………………………………………………………………….…………………………….
7.6
9.9
10.9
10.3
10.0
11.5
15.8
20.5
22.7
24.1
5
M2…………………………………………………………………………………………………………………………………………………………………….…………………………….
3.5
4.5
5.3
5.4
5.3
1.5
3.7
4.2
6.1
7.3
6
M3…………………………………………………………………………………………………………………………………………………………………….…………………………….
3.6
4.6
4.8
4.9
4.9
0.7
2.8
4.2
6.0
7.3
in percentage
4
30
25
20
15
10
5
0
-5
-10
-15
-20
Mar-11
Evolution of M1 - a.g.r.
Mar-12
Mar-13
Mar-14
Portuguese contribution
Mar-16
Evolution of M2 - a.g.r.
10
in percentage
Mar-15
Euro Area
5
0
-5
-10
Mar-11
Mar-12
Mar-13
Mar-14
Portuguese contribution
Mar-16
Evolution of M3 - a.g.r.
10
in percentage
Mar-15
Euro Area
0
-10
Mar-11
Mar-12
Mar-13
Portuguese contribution
(1) Euro Area: changing composition.
(2) In the case of Portugal, these aggregates exclude the currency in circulation.
Mar-14
Mar-15
Euro Area
Mar-16
36
BANCO DE PORTUGAL • Boletim Estatístico
Monetary policy operations
A.8
Source: Banco de Portugal and European Central Bank
2009
Apr/08
2011
May/13
Apr/13
Jul/13
2012
Nov/09
Dec/14
2013
Jul/11
May/08
2014
Nov/13
Jun/11
Sep/10
2015
2016
Dec/09
Mar/16
(in percentage)
1
2
3
4
5
6
7
8
9
10
11
12
13
0.00
Key ECB interest rates
1
Deposit facility …………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..
0.25
0.25
0.50
0.75
0.50
0.25
0.00
0.00
-0.10
-0.20
-0.30
-0.40
2
Marginal lending facility …………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..
2.25
1.75
2.00
2.25
2.00
1.75
1.50
1.00
0.75
0.40
0.30
0.30
0.25
3
Main refinancing operations …………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..…………..
1.25
1.00
1.25
1.50
1.25
1.00
0.75
0.50
0.25
0.15
0.05
0.05
0.00
2015
Apr
May
Jun
Jul
2016
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
6
(10 euros)
1
2
3
4
5
6
7
8
9
10
11
12
13
23 759
23 235
26 161
25 923
25 937
24 546
24 899
of which: Main refinancing operations ………………………………………………..………………………………………………..………………………………………………..
11 880
11 452
9 390
7 862
8 494
7 109
4 189
6 067
Provision and absorption of liquidity
End-of-month outstanding amounts
4
Provisions of liquidity ………………………………………………..………………………………………………..………………………………………………..
29 299
28 556
27 712
25 746
26 491
25 114
8 553
7 823
7 326
4 760
5 453
6
Longer-term refinancing operations ………………………………………………..………………………………………………..………………………………………………..
17 419
17 066
18 311
17 884
17 997
18 005
19 570
17 168
17 608
18 101
18 611
19 786
19 421
7
Marginal lending facility ………………………………………………..………………………………………………..………………………………………………..
0
38
11
0
0
0
0
8
Other operations ………………………………………………..………………………………………………..………………………………………………..
0
0
0
0
0
0
0
5
9
0
0
0
0
0
26
0
0
0
0
0
0
0
6
0
0
0
0
of which: Deposit facility ……………………………….……………………………….……………………………….……………………………….……………………………….
0
0
0
0
0
0
0
0
6
0
0
0
0
0
0
0
0
0
(1)
Absorption of liquidity ……………………………….……………………………….……………………………….……………………………….……………………………….
0
0
0
0
0
0
0
10
Other operations
11
(2)
……………………………….……………………………….……………………………….……………………………….……………………………….
0
0
0
0
0
0
0
0
Key ECB interest rates
3
2
in percentage
2
1
1
0
-1
-1
Apr/11
Oct/11
Apr/12
Oct/12
Apr/13
Deposit facility
Oct/13
Apr/14
Oct/14
Marginal lending facility
Apr/15
Oct/15
Apr/16
Main refinancing operations
Monetary policy operations
70
60
109 euros
50
40
30
20
10
0
Apr/11
Oct/11
Apr/12
Oct/12
Apr/13
Oct/13
Apr/14
Provision minus absorption of liquidity
(1) Includes "Fine-tuning operations" and "Structural operations".
(2) Includes "Fixed-term deposits" and "Reserve transactions".
Oct/14
Apr/15
Oct/15
Apr/16
38
BANCO DE PORTUGAL • Boletim Estatístico
A.9
Banking(1) loans and deposits
Source: Banco de Portugal and European Central Bank
Portugal(2)
Dec-14
Mar-15
Dec-15
Euro Area(3)
Feb-16
Mar-16
Dec-14
Mar-15
Dec-15
Feb-16
Mar-16
(annual rate of change - a.g.r. - in percentage)
1
2
3
4
5
6
7
8
9
10
Loans
1
Loans to non-financial corporations …………..……………..…….……………………..……………………..……………………..
-7.9
-7.3
-2.3
-2.6
-2.9
-1.4
-0.6
0.0
0.7
0.8
2
Loans to households…………………………………………………..……………………..……………………..……………………..
-3.8
-3.7
-2.7
-2.4
-2.3
-0.3
0.0
1.9
2.2
2.2
2.3
3
Housing…………………………………………………….……………………..……………………..……………………..……………………..
-4.0
-3.9
-3.2
-3.1
-3.1
-0.1
0.1
2.1
2.3
4
Consumption………………………………………………………..……………………..……………………..…………………….. -2.3
-1.9
2.8
4.5
5.0
-0.5
-0.1
3.8
5.0
5.0
5
Other purposes……………………………………………….……………………..……………………..……………………..
-3.0
-2.7
-3.2
-2.6
-3.0
-1.1
-0.7
-0.4
-0.3
-0.4
-5.5
-5.2
-2.5
-2.5
-2.5
-0.8
-0.3
1.1
1.5
1.6
-6.9
-6.3
-1.3
-1.7
Loans to non-financial corporations adjusted for sales of loans portfolios …………..……………..…….……………………..……………………..……………………..
-2.1
-
-
-
-
-
Loans to non-financial corporations and households ……………………………….……………………..
6
Memo item:
7
Deposits
8
Deposits of non-financial corporations………………………………………………..……………………..……………………..
9
Deposits of households……………………………...………..……………………..……………………..……………………..……………………..
0.7
7.3
13.4
0.1
0.8
4.5
4.0
4.4
5.1
5.5
6.6
0.9
3.6
4.8
5.3
2.3
2.2
2.2
2.3
2.7
10
of which: Overnight deposits………………………………………………………………………………………..……………………..
9.0
10.0
13.7
17.7
18.7
8.3
9.6
11.1
10.2
10.7
11
Deposits with agreed maturity………………………………………………….……………………..……………………..1.1
1.2
3.5
4.8
5.3
-3.9
-6.3
-9.0
-7.6
-7.0
Memo item: Excluding deposits in banks' branches located in Madeira and Azores off-shores
12
Non-financial corporations …………..……………..…….……………………..……………………..……………………..…………..……………..…….……………………..……………………..……………………..…………..……………..…….……………………..……
7.4
13.5
0.2
0.9
4.6
-
13
Households …………..……………..…….……………………..……………………..……………………..…………..……………..…….……………………..……………………..……………………..…………..……………..…….……………………..…………………….
0.7
0.9
3.6
4.8
5.3
-
6
4
Loans to non-financial corporations and households (housing)
- a.r.
10
8
6
0
em percentagem
em percentagem
2
-2
-4
-6
-8
Mar-11
Deposits of households - a.r.
12
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
4
2
0
-2
-4
Mar-11
Mar-12
Portugal - non-financial corporations
Portugal - households (housing)
Euro Area - non-financial corporations
Euro Area - households (housing)
70
Mar-16
Euro Area
Eurosystem financing to banks in Portugal
50
0
109 euros
109 euros
Mar-15
60
10
40
-10
30
-20
20
-30
-40
dez-10
Mar-14
Portugal
Net external assets
20
Mar-13
10
dez-11
dez-12
dez-13
dez-14
Net external assets
Net external assets - banks
Net external assets - Banco de Portugal
dez-15
0
dez-10
dez-11
dez-12
dez-13
dez-14
Provisions of Liquidity - Other operations
Provisions of Liquidity - Main refinancing operations
Provisions of Liquidity - Longer term refinancing operations
(1) Includes loans and deposits on universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of Other monetary financial institutions (OMFIs).
(2) Loans excludes securities and includes credit to emigrants. Annual growth rates adjusted for derecognised securitisation operations.
(3) Euro Area: changing composition.
dez-15
40
BANCO DE PORTUGAL • Boletim Estatístico
A.10
Banking(1) interest rates - Loans and deposits(2)
Source: Banco de Portugal and European Central Bank (with calculations by Banco de Portugal)
Euro Area(3)
Portugal
Dec-14
Mar-15
Dec-15
Feb-16
Mar-16
Dec-14
Mar-15
Dec-15
Feb-16
Mar-16
(annualised agreed rates - aar - in percentage)
1
2
3
4
5
6
7
8
9
10
Non-financial corporations……………………………………………..…….……………………….……………………….…………………………….
4.09
4.07
2.98
3.45
Loans
1
2
Transactions up to and including 1 million euros ………………………………..……………………….
4.68
4.49
3.64
3
Transactions over 1 million euros ……………………………………………….……………………….…………………………….
3.48
3.51
2.40
3.10
2.15
2.05
1.85
1.76
1.79
3.70
3.55
3.08
2.91
2.60
2.64
2.56
3.08
2.44
1.86
1.74
1.59
1.40
1.46
Households:
4
Housing…………………………………………………………………………….…………………...…………………………………………………………
3.00
2.73
2.16
2.06
2.05
2.55
2.30
2.28
2.22
2.12
5
Consumption……………………………………………………………………………………………………………….…..…………………………….
8.61
8.44
7.70
7.66
7.59
6.00
6.03
5.74
5.97
5.87
6
Other purposes………………………………..………………………………………………………...……..………………………………………….
4.45
4.83
4.32
4.69
4.71
2.67
2.70
2.47
2.52
2.48
Deposits
7
Non-financial corporations: with agreed maturity, up to 1 year …………...….……………………….……………………….
0.68
0.48
0.39
0.18
0.18
0.42
0.30
0.21
0.23
0.13
8
Households: with agreed maturity, up to 1 year…………………………….……………………….……………………….
1.26
0.92
0.53
0.49
0.47
0.97
0.90
0.65
0.61
0.61
6
6
5
5
in percentage
7
4
3
4
3
2
2
1
1
5
Jun/12
Sep/13
Dec/14
0
Mar/11
Mar/16
Portugal (<1 MEUR)
Portugal (>1 MEUR)
Euro Area (<1 MEUR)
Euro Area (>1 MEUR)
Deposits of non-financial corporations
with agreed maturity (up to 1 year) - aar
5
4
3
3
2
1
Jun/12
Sep/13
Dec/14
Portugal
4
0
Mar/11
Loans to households (housing) - aar
8
7
0
Mar/11
in percentage
Loans to non-financial corporations - aar
in percentage
in percentage
8
Mar/16
Euro Area
Deposits of households
with agreed maturity (up to 1 year) - aar
2
1
Jun/12
Portugal
Sep/13
Euro Area
Dec/14
Mar/16
ECB reference rate (4)
0
Mar/11
Jun/12
Portugal
Sep/13
Dec/14
Euro Area
(1) Includes the rates set by universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of Other monetary financial institutions (OMFIs).
(2) Banking interest rates on new loans and deposits of residents in the Euro Area.
(3) Euro Area: changing composition.
(4) Fixed rate (fixed rate tenders) or marginal rate (variable rate tenders) in Eurosystem main refinancing operations (end-of-month value).
Mar/16
ECB reference rate (4)
42
BANCO DE PORTUGAL • Boletim Estatístico
A.11
Loans granted by the financial sector(1)
Source: Banco de Portugal – Central Credit Register
Dec-2014
Mar-2015
Dec-2015
Feb-2016
Mar-2016
Dec-2014
6
(end-of-period figures - 10 euros)
1
2
3
Mar-2015
Dec-2015
Feb-2016
Mar-2016
(annual rate of change - a.r. - in percentage)
4
5
6
7
8
9
10
-3.9
-1.9
-2.6
-2.8
Granted loans
1
Non-financial corporations (NFC) …………………………………………………………………………………………………………………………………………………………………………………….
86 282
86 380
83 490
83 040
82 805
-4.6
(2)
By size :
2
Micro corporations …………………………………………………………………………………………………………………………………………………………………………………….
28 898
29 068
28 012
27 548
27 616
-5.3
-5.6
-2.9
-3.4
-2.9
3
Small corporations …………………………………………………………………………………………………………………………………………………………………………………….
21 141
20 979
20 330
20 282
20 321
-2.9
-2.9
-2.7
-2.5
-2.0
4
Medium-sized corporations …………………………………………………………………………………………………………………………………………………………………………………….
20 875
20 530
19 969
19 926
19 915
-3.6
-3.2
-1.1
-1.6
-1.8
5
Large corporations …………………………………………………………………………………………………………………………………………………………………………………….
10 968
11 356
10 577
10 687
10 640
-7.0
-2.7
-2.4
-5.8
-6.0
By statute:
6
Public corporations …………………………………………………………………………………………………………………………………………………………………………………….
2 526
2 535
2 230
2 062
2 025
-17.5
-15.6
-10.0
-14.2
-16.0
7
Private corporations …………………………………………………………………………………………………………………………………………………………………………………….
83 757
83 845
81 259
80 978
80 780
-4.2
-3.5
-1.7
-2.2
-2.4
of which: Exporting corporations
(3)
…………………………………………………………………………………………………………………………………………………………………………………….
17 236
17 838
17 479
17 748
17 658
1.9
4.4
1.8
-0.1
-0.8
-2.2
-2.2
-2.0
10
Non-profit institutions serving households (NPISH) …………………………………………………………………………………………………………………………………………………………………………………….
2 163
2 132
2 135
2 122
2 119
2.5
1.2
-1.2
-0.6
-0.5
11
Households …………………………………………………………………………………………………………………………………………………………………………………….
130 920
129 782
127 523
126 721
126 658
8
9
Households and NPISH …………………………………………………………………………………………………………………………………………………………………………………….
133 083
131 914
129 658
128 843
128 777
-3.2
-3.1
-3.3
-3.2
-2.2
-2.2
-2.1
12
House purchase …………………………………………………………………………………………………………………………………………………………………………………….
106 889
105 948
103 649
103 325
103 107
-3.5
-3.5
-2.9
-2.9
-2.8
13
Consumption and other purposes …………………………………………………………………………………………………………………………………………………………………………………….
24 031
23 834
23 874
23 396
23 551
-2.6
-1.8
0.9
0.9
1.5
-2.0
-2.3
Memo item:
Loans to NFC adjusted for sales of loans portfolios …………………………………………………………………………………………………………………………………………………………………………………….
-3.8
-3.0
-1.3
14
(overdue loans ratio - in percentage)(4)
(borrowers with overdue loans - in percentage)
Loans in default
15
Non-financial corporations (NFC) …………………………………………………………………………………………………………………………………………………………………………………….
15.0
15.6
15.8
16.3
16.4
30.8
30.9
29.4
29.9
29.7
(2)
By size :
16
Micro corporations …………………………………………………………………………………………………………………………………………………………………………………….
24.9
25.4
25.1
26.2
25.8
32.1
32.1
30.4
30.8
30.6
17
Small corporations …………………………………………………………………………………………………………………………………………………………………………………….
14.5
14.6
14.4
14.7
14.7
25.8
26.1
25.8
26.6
26.6
18
Medium-sized corporations …………………………………………………………………………………………………………………………………………………………………………………….
9.6
10.7
12.0
12.3
12.4
23.0
23.4
23.0
23.5
23.6
19
Large corporations …………………………………………………………………………………………………………………………………………………………………………………….
3.0
3.3
3.7
3.8
3.9
12.6
13.4
12.9
13.0
13.5
By statute:
20
Public corporations …………………………………………………………………………………………………………………………………………………………………………………….
2.1
2.4
1.2
0.2
0.2
8.3
7.7
4.8
3.7
4.3
21
Private corporations …………………………………………………………………………………………………………………………………………………………………………………….
15.4
16.0
16.2
16.7
16.8
30.8
30.9
29.4
29.9
29.7
of which: Exporting companies(3) …………………………………………………………………………………………………………………………………………………………………………………….
2.8
3.7
5.5
5.8
5.9
6.9
7.6
22
23
Households and NPISH …………………………………………………………………………………………………………………………………………………………………………………….
4.9
5.0
5.0
5.1
5.1
14.8
15.1
8.4
9.4
9.2
14.0
14.2
14.4
24
Non-profit institutions serving households (NPISH) …………………………………………………………………………………………………………………………………………………………………………………….
1.5
1.6
1.3
1.7
1.7
9.8
10.2
9.6
25
Households …………………………………………………………………………………………………………………………………………………………………………………….
4.9
5.0
5.1
5.1
5.1
14.8
15.1
26
House purchase …………………………………………………………………………………………………………………………………………………………………………………….
2.8
2.8
3.0
3.0
3.0
6.4
6.7
27
Consumption and other purposes …………………………………………………………………………………………………………………………………………………………………………………….
14.4
14.7
14.1
14.3
14.2
16.4
16.8
12
Loans to non-financial corporations - a.r.
6.4
6.6
6.6
15.4
15.7
15.9
6
in percentage
in percentage
9.6
14.4
9
3
0
-3
3
0
-3
-6
-6
-9
-12
Mar/11
9.9
14.3
Loans to households - a.r.
12
9
6
14.0
-9
Mar/12
Mar/13
Non-financial corporations
Mar/14
Mar/15
Mar/16
Private exporting companies
-12
Mar/11
Mar/12
Total
Mar/13
House purchase
Mar/14
Mar/15
Mar/16
Consumption and other purposes
(1) This statistics cover loans granted by financial sector entities residents in Portugal including, besides banks, savings banks and mutual agricultural credit banks, non-monetary financial institutions that grant credit, namely credit financial
institutions, factoring and financial leasing companies, credit-purchase financing companies and mutual guarantee companies.
(2) Holding companies are excluded from this classification. Classification based on the Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium ‐sized enterprises: Micro corporations number of employees below 10 and turnover and/or annual balance‐sheet total not above 2 million euros; Small corporations - number of employee below 50 and turnover and/or annual balance‐sheet total not above 10 million euros;
Medium‐sized corporations - number of employees below 250 and turnover not above 50 million euros and/or annual balance‐sheet total not above 43 million euros; Large corporations - remaining cases.
(3) Private-owned exporting companies, defined as follows: a) companies that export more than 50% of the turnover; or b) companies that export more than 10% of the turnover and the total amount exceeds 150 thousand euro.
(4) Ratio between overdue loans and the total amount of granted loans by each category.
44
BANCO DE PORTUGAL • Boletim Estatístico
Financial markets
A.12
Source: Banco de Portugal, European Central Bank, NYSE Euronext, Reuters and MSCI
2015
Apr
May
Jun
Jul
2016
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
(in percentage)
1
2
3
4
5
6
7
8
9
10
11
12
13
1
Portugal………………………………………………….………………………………………………………………………………………………………………………………
1.87
2.41
2.93
2.74
2.52
2.59
2.41
2.57
2.49
2.71
3.23
2.84
3.13
2
0.16
0.59
0.83
0.76
0.67
0.68
0.55
0.55
Germany(1) ……………………………………………………..………………………………………………………………………………………………………………………………
0.59
0.49
0.23
0.22
0.18
3
USA………………………………………………………………..………………………………………………………………………………………………………………………………
1.93
2.20
2.36
2.32
2.16
2.17
2.06
2.26
2.24
2.07
1.77
1.88
1.80
5 318
5 066
4 767
5 021
5 053
Yield on treasury bonds (10 years)
Monthly average
(in index)
Share price indices
End-of-month
4
PSI 20……………………………………………………………………………………………………………………………………………………………………………………
6 095
5 840
5 552
5 716
5 261
5 047
5 469
5 350
5
Euro Stoxx 50……………………………………………………..………………………………………………………………………………………………………………………………
3 616
3 571
3 424
3 601
3 270
3 101
3 418
3 507
3 268
3 045
2 946
3 005
3 028
6
Dow Jones Industrial Average…………………………………..………………………………………………………………………………………………
18 024
18 011
17 620
17 690
16 528
16 285
17 664
17 720
17 425
16 466
16 517
17 685
17 774
7
Nikkei…………………………………………………………………………………………………………………………………………………………………………………………
19 520
20 563
20 236
20 585
18 891
17 388
19 083
19 748
19 034
17 518
16 027
16 759
16 666
8
(2)
497.3
485.0
467.4
440.9
405.6
402.4
425.0
420.6
415.3
MSCI BRIC ……………………………………………………………..………………………………………………………………………………………………………………………………
376.0
367.3
401.0
401.3
-4.7
-5.9
5.3
0.6
(chain rate of change - in percentage)
9
PSI 20……………………………………………………………………………………………………………………………………………………………………………………………………
2.1
-4.2
-4.9
2.9
-8.0
-4.1
8.3
-2.2
-0.6
10
Euro Stoxx 50……………………………………………………..………………………………………………………………………………………………………………………………
-2.2
-1.2
-4.1
5.2
-9.2
-5.2
10.2
2.6
-6.8
-6.8
-3.3
2.0
0.8
11
Dow Jones Industrial Average…………………………………..………………………………………………………………………………………………
1.4
-0.1
-2.2
0.4
-6.6
-1.5
0.3
-1.7
-5.5
0.3
7.1
0.5
12
Nikkei…………………………………………………………………………………………………………………………………………………………………………………………
1.6
5.3
-1.6
1.7
-8.2
-8.0
9.7
3.5
-3.6
-8.0
-8.5
4.6
-0.6
13
(2)
8.7
-2.5
-3.6
-5.7
-8.0
-0.8
5.6
-1.0
-1.3
MSCI BRIC ……………………………………………………………..………………………………………………………………………………………………………………………………
-9.5
-2.3
9.2
0.1
Money market yield curve in the euro area
0
3
-0.3
9
6
3
1 month
3 months
Diferencial (right-hand scale)
6 months
2016-04-29
0
12 months
2016-03-31
0
Share price indices - end of period
200
2006
2008
Portugal
2010
2012
Germany
2014
2016
USA
Yield spread over Germany's 10-year bonds
15
12
150
in base points
base: Dec-05=100
in percentage
1
in base points
in percentage
2
-0.2
100
50
0
Yield on treasury bonds (10 years) - monthly average
15
12
-0.1
-0.4
8.5
9
6
3
0
2012
PSI 20
2013
2014
Euro Stoxx 50
2015
(1) Yield on Germany treasury bonds, usually used as Euro Area reference rate.
(2) A grouping acronym that refers to the countries of Brazil, Russia, India and China.
2016
MSCI BRIC
-3
2006
2008
Portugal
2010
Spain
2012
Italy
2014
2016
Ireland
46
BANCO DE PORTUGAL • Boletim Estatístico
Exchange rates
A.13
Source: European Central Bank and Federal Reserve System
2015
Apr
May
Jun
Jul
2016
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
(in foreign currency units)
1
4
5
6
7
8
9
10
11
12
13
1
US dollar (USD)………………………………………………………………………………………………………………
1.0779
1.1150
1.1213
1.0996
1.1139
1.1221
1.1235
1.0736
1.0877
1.0860
1.1093
1.1100
1.1339
2
Japanese yen (JPY)…………………………………………….………………………………………………………………
128.94
134.75
138.74
135.68
137.12
134.85
134.84
131.60
132.36
128.32
127.35
125.39
124.29
3
Pound sterling (GBP)……………………………………….………………………………………………………………
0.72116
0.72124
0.72078
0.70685
0.71423
0.73129
0.73287
0.70658
0.72595
0.75459
0.77559
0.78020
0.79230
4
Swiss franc (CHF)…………………………………………………………………………………………………………
1.0379
1.0391
1.0455
1.0492
1.0777
1.0913
1.0882
1.0833
1.0827
1.0941
1.1018
1.0920
1.0930
5
Brazilian real (BRL)………………………………………………………………………………………………………
3.2800
3.4105
3.4941
3.5405
3.9118
4.3666
4.3599
4.0601
4.2145
4.4021
4.3953
4.1195
4.0374
Euro bilateral exchange rates
2
3
(1)
Monthly average
(chain rate of change - in percentage)
6
US dollar (USD)………………………………………………………………………………………………………………
-0.54
3.44
0.57
-1.94
1.30
0.74
0.12
-4.44
1.31
-0.16
2.15
0.06
2.15
7
Japanese yen (JPY)…………………………………………….………………………………………………………………
-1.13
4.51
2.96
-2.21
1.06
-1.66
-0.01
-2.40
0.58
-3.05
-0.76
-1.54
-0.88
8
Pound sterling (GBP)……………………………………….………………………………………………………………
-0.33
0.01
-0.06
-1.93
1.04
2.39
0.22
-3.59
2.74
3.95
2.78
0.59
1.55
9
Swiss franc(CHF)…………………………………………………………………………………………………………………………………………
-2.16
0.12
0.62
0.35
2.72
1.26
-0.28
-0.45
-0.06
1.05
0.70
-0.89
0.09
10
Brazilian real (BRL)………………………………………………………………………………………………………………………………………
-3.52
3.98
2.45
1.33
10.49
11.63
-0.15
-6.88
3.80
4.45
-0.15
-6.27
-1.99
2015
Apr
May
Jun
Jul
2016
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
(year-on-year rate of change - y.r. - in percentage)
1
Effective exchange rate indices - group of 19 (EER-19)
2
3
4
5
6
7
8
9
10
11
12
13
(2)
Portugal(3):
11
Nominal…………………………………………………………………………..………………………………………………………………
-3.83
-3.17
-2.76
-2.93
-2.29
-1.64
-1.47
-2.16
-1.76
-0.43
0.46
1.08
1.56
12
-3.27
-2.54
-2.32
-2.47
-1.74
Real (CPI)(4)…………………………………………………………………………………………………………………………………
-0.71
-0.80
-1.73
-1.72
-0.06
0.73
1.53
1.92
13
Nominal……………………………………………………………………………..………………………………………………………………
-13.94
-11.60
-10.12
-10.70
-8.40
-6.13
-5.49
-7.93
-6.58
-1.70
1.48
3.81
5.72
14
(4)
-14.25
-11.68
-10.33
-10.92
-8.74
Real (CPI) …………………………………………………………………………………………………………………………………
-5.67
-8.23
-6.88
-2.16
0.68
3.13
4.73
(5)
Euro Area :
-6.48
(12 month moving average rate of change - in percentage)
Portugal(3):
Nominal…………………………………………………………………………..………………………………………………………………
-1.20
-1.53
-1.78
-2.04
-2.22
-2.32
-2.36
-2.47
-2.52
-2.39
-2.14
-1.76
-1.31
-2.03
-1.98
-2.03
-2.07
-1.92
-1.66
-1.27
-0.84
17
Nominal……………………………………………………………………………..………………………………………………………………
-4.26
-5.51
-6.47
-7.46
-8.13
-8.51
-8.70
-9.10
-9.30
-8.85
-8.00
-6.65
-5.06
18
(4)
-5.10
-6.25
-7.14
-8.05
-8.66
Real (CPI) …………………………………………………………………………………………………………………………………
-9.14
-9.51
-9.66
-9.18
-8.34
-7.00
-5.46
15
(4)
-1.52
-1.70
-1.84
-1.97
-2.06
Real (CPI) …………………………………………………………………………………………………………………………………
16
(5)
Euro Area :
EER - 19 real (CPI) - y.r.
15
-9.00
Euro daily reference exchange rates
1.16
134
132
10
130
in percentage
5
1.12
0
128
126
$
124
-5
1.08
-10
122
120
-15
-20
118
2013
Portugal
2014
2015
Euro Area
(1) X foreign currency units per 1 Euro.
(2) Figures referring to the 19 trading partner group. Further information is available on www.ecb.int.
(3) Effective exchange rate.
(4) CPI - consumer price index.
(5) Euro Area: fixed composition 19 countries.
(6) For the U.S. it is considered the group of 26 largest trading partners.
2016
USA(6)
1.04
29/01
13/02
28/02
USD
14/03
29/03
13/04
JPY (right hand scale)
28/04
116
¥
48
BANCO DE PORTUGAL • Boletim Estatístico
Public finances
A.14
Source: Banco de Portugal, Instituto Nacional de Estatística and Eurostat
Euro Area(1)
Portugal
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
(as a percentage of GDP)
1
2
3
4
5
6
7
8
9
10
Balance………………………………………………………………………………….………………………………….………………………………….
-2.0
-5.5
-3.9
-1.2
-7.1
-1.6
-3.7
-1.4
-1.8
-1.5
Total revenue……………………………………………………….………………………………….………………………………….………………………………….
47.0
40.9
42.5
46.1
45.7
50.0
44.4
47.1
44.8
50.0
General government
1
2
3
Taxes on income and wealth………………………………………………………….………………………………….………………………………….
11.4
9.0
9.5
13.3
11.5
13.6
11.6
13.0
11.9
13.8
4
Taxes on products…………………………………………………….………………………………….………………………………….
15.2
13.8
14.2
15.2
14.9
13.8
12.8
13.2
12.8
13.8
5
Social contributions………………………………………………………….………………………………….………………………………….
12.1
11.4
11.7
11.2
12.0
16.4
15.1
15.1
15.1
16.4
6
Other revenue……………………………………………………………………………………………………….………………………………….
8.3
6.7
7.1
6.5
7.4
6.2
4.9
5.8
5.0
6.0
7
Total expenditure………………………………………………………………..………………………………….………………………………….
49.0
46.4
46.4
47.3
52.8
51.6
48.1
48.6
46.6
51.5
8
Social benefits……………………………………………………………………………………………………….………………………………….
18.6
19.0
18.1
21.5
18.4
23.6
23.0
23.1
22.5
23.4
9
Compensation of employees…………………………………………………….………………………………….………………………………….
11.2
11.3
12.5
10.5
10.9
11.0
10.0
10.2
9.7
10.8
10
Intermediate consumption………………………………………………………….………………………………….………………………………….
6.9
5.3
5.8
5.7
6.8
5.9
4.8
5.1
5.1
5.9
11
Interest on public debt…………………………………………………..………………………………….………………………………….
4.9
5.0
4.2
4.5
2.6
2.2
2.7
2.3
2.4
12
Gross fixed capital formation………………………………………………………….………………………………….………………………………….
2.9
1.7
1.9
1.8
3.2
3.0
2.5
2.6
2.7
3.1
13
Other expenditure……………………………………………………….………………………………….………………………………….
4.6
4.0
4.0
3.3
9.0
5.5
5.6
4.9
4.3
5.9
Memo item: primary balance ………………………………………………..………………………………….………………………………….
2.8
-0.5
0.3
3.3
-2.6
1.0
-1.5
1.3
0.5
0.9
Public debt (EDP approach)………...………………………………………………………………….…………….………………………………….………………………………….
130.2
130.2
128.4
130.3
129.0
92.1
93.0
92.4
91.8
90.8
14
15
4.6
Breakdown by original maturity:
16
Short-term…………………………………………………………………………………….………………………………….………………………………….
17.4
19.6
18.9
17.6
18.2
10.5
11.0
10.3
10.2
9.7
17
Long-term………………………………………………………………………..………………………………….………………………………….
112.8
110.6
109.5
112.7
81.6
82.0
82.1
81.6
81.1
110.8
Euro Area(1)
Portugal
2012
2013
2014
2015
2012
2013
2014
2015
(as a percentage of GDP)
1
2
3
4
5
6
7
8
General government
18
Balance………………………………………………………………………………….………………………………….………………………………….……………………………………………………………………………………………………………………………………
-5.7
-4.8
-7.2
-4.4
-3.7
-3.0
-2.6
-2.1
19
Public debt ………………………………………………………………………………………………………………………………………………………………………………………………………………………
126.2
129.0
130.2
129.0
89.3
91.1
20
Deficit-debt adjustment ………………...………………...………………...………………...………………...………………...………………...………………...………………...………………...………………...…………………
4.0
-0.7
-3.6
-1.3
1.3
0.0
0.1
-5
100
-10
80
-15
60
2009
2012
2015
Balance
as a percentage of GDP
120
as a percentage of GDP
as a percentage of GDP
0
2006
5
140
90.7
-0.9
140
Euro Area
0
120
-5
100
-10
80
-15
2006
Primary balance
2009
2012
2015
60
Public debt (right hand scale)
General government (EDP approach) - 2015
Deficit (symmetric of the balance), change in debt
and deficit-debt adjustment (as a % of GDP)
Public debt (as a percentage of GDP)(2)
Finland
Finland
Netherlands
Netherlands
Germany
Germany
Austria
Austria
Euro area
Euro area
Ireland
Ireland
France
France
Spain
Spain
Belgium
Belgium
Portugal
Portugal
Italy
Italy
Greece
Greece
0
30
60
90
120
150
180
-15
-10
Deficit (symmetric of the balance)
(1) Euro Area: fixed composition 19 countries (under ESA2010).
(2) Dotted line refers to value ​defined by the Maastricht Treaty.
-5
0
Deficit-debt adjustment
5
10
Change in debt
as a percentage of GDP
Portugal
5
92.0
50
BANCO DE PORTUGAL • Boletim Estatístico
General government debt and financing
A.15
Source: Banco de Portugal and Instituto Nacional de Estatística
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
6
(10 euros)
1
2
3
4
5
6
7
8
9
10
11
12
13
227 906
227 426
231 125
226 996
228 794
228 968
231 901
229 279
231 284
231 345
…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
233 039
End of period outstanding amounts
1
234 725
231 342
17 047
17 263
17 524
17 653
18 037
18 199
18 240
18 520
18 654
18 646
19 030
Currency and deposits …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
19 073
19 608
Loans …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
94 804
94 316
94 241
92 080
91 680
91 160
91 333
91 487
92 033
88 577
88 317
Maastricht debt
2
(1)
90 811
90 983
4
Short-term …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
4 215
4 052
3 948
3 701
3 880
3 268
3 470
3 667
4 085
3 384
3 598
3 105
2 879
5
Long-term …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
90 589
90 264
90 293
88 380
87 800
87 892
87 863
87 820
87 948
87 427
87 385
85 473
85 438
125 114
6
Securities …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
116 055
115 848
119 361
117 264
119 076
119 609
122 328
119 273
120 597
121 888
124 712
123 692
7
Short-term …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
12 989
13 202
13 323
12 093
11 162
10 992
9 655
9 955
10 341
10 538
8 842
9 682
8 510
8
Long-term …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
103 066
102 646
106 038
105 170
107 915
108 617
112 674
109 318
110 256
111 350
115 870
114 010
116 604
Memo item:
9
Maastricht net debt of deposits of the
central government ……………………………………………….……………………………………………….……………………………………………….……………………………………………….……………………………………………….……………………………
210 242
209 858
210 306
211 683
213 231
212 492
212 637
214 131
213 678
218 093
217 515
218 053
218 621
(as a percentage of GDP)
10
(2)
130.2
.
.
128.4
.
.
130.3
.
.
129.0
Maastricht debt …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
.
Dec-15
Jan-16
.
Feb-16
128.9
Mar-16
6
(10 euros)
1
2
3
4
5
6
7
8
9
10
11
12
13
General government financing(3) …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
1 110
1 204
1 070
3 575
5 821
4 588
4 226
5 898
5 500
8 537
-293
-231
276
12
Central government …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...
1 245
1 453
1 864
4 195
6 209
5 309
4 943
6 805
6 372
9 670
56
473
1 083
13
Regional government …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
91
13
78
158
179
286
317
230
212
283
39
14
Cumulative flows since the beginning of the year
11
By sub-sector:
15
-9
44
Local government …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
82
24
-459
-280
-239
-538
-522
-568
-579
-715
-100
-80
-91
Social security funds …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
-308
-286
-413
-497
-328
-470
-512
-569
-504
-700
-288
-615
-760
5 086
4 921
By counterpart:
16
Banks(4) …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
35
1 723
-514
5 814
9 326
8 563
5 493
9 145
8 438
12 776
17
Other resident sectors(5) …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
1 354
1 596
2 595
2 935
2 532
2 381
1 707
1 837
1 148
166
410
18
Rest of the world …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
-279
-2 116
-1 011
-5 174
-6 037
-6 357
-2 973
-5 084
-4 085
-4 406
729
-1 432
1 803
2 410
-7 120
-7 055
By financial instrument:
19
Securities …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
4 373
4 577
8 457
6 920
9 047
9 473
12 552
9 719
11 392
11 929
2 849
1 712
3 174
20
Loans and deposits …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
-3 263
-3 373
-7 387
-3 345
-3 226
-4 885
-8 326
-3 821
-5 891
-3 392
-3 142
-1 943
-2 898
.
0.6
(as a percentage of GDP)(2)
General government financing …………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...…………...……………
2.6
.
.
4.1
.
.
3.2
.
.
4.8
Public debt
240
5
109 euros
200
180
Mar-13
Mar-14
Mar-15
Mar-16
-10
Public net debt of deposits of Central Government
General government financing
Mar-14
Sep-14
Currency and deposits
Mar-15
Loans
Sep-15
Securities
Mar-16
General government financing by counterpart
cumulative flows since the beginning of the year
30
109 euros
20
10
0
2014
2015
2016
Rest of the world
Banks
Other resident sectors
Mar-16
Mar-15
2015
2014
2013
2012
2011
2010
2009
2008
2007
dez
nov
out
set
ago
jul
jun
abr
mar
fev
-20
2006
-10
jan
109 euros
Public debt
14
12
10
8
6
4
2
0
-2
0
-5
160
Mar-12
mai
109 euros
220
.
Public debt - monthly change by instrument
10
2005
21
Total
(1) Debt compiled according to the definition of the Excessive Deficit Procedure (Regulation (CE) 479/2009, of 25 May), i.e., general government consolidated gross debt at nominal or face value (Maastricht debt). It includes the liabilities in
currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4). In the table, the debt of general government is consolidated within this sector, therefore including only its liabilities vis-à-vis the other sectors of the economy.
(2) The nominal GDP figures used for the calculation of the ratios are published by Instituto Nacional de Estatística (INE). For the latest quarter, and when such figure is not available, an extrapolation for the nominal GDP of this quarter is
performed, based on partial information disseminated by INE. Therefore, the estimate takes into account the GDP of the same quarter of the previous year, the published year-on-year change rate in volume for the latest quarter, and the last
published figure for the year-on-year growth rate of the GDP deflator. For the series on stocks, the nominal GDP used in the calculation of the ratios corresponds to the accumulated GDP of the last four quarters, regardless the quarter to which
it relates; in the case of flows, the nominal GDP used in the calculation of the ratios corresponds to the accumulated amount since the beginning of the year until the quarter to which the figures relate.
(3) Change of liabilities in the form of deposits, securities and loans obtained from residents and non-residents, and other accounts payable obtained from non-residents, net of investments in assets in the form of deposits and securities with
MFIs residents and non-residents, and of securities, loans and other credit facilities with non-residents.
(4) Includes universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of Other monetary financial institutions (OMFIs).
(5) Includes Non-monetary financial institutions, Non-financial corporations and Households.
52
BANCO DE PORTUGAL • Boletim Estatístico
Balance of payments
A.16
Source: Banco de Portugal, Instituto Nacional de Estatística, European Central Bank, Eurostat and Bureau of Economic Analysis
Portugal(1)
Jan-Mar/15
Jan-Mar/16
(2)
(3)
Euro Area
Jan-Mar/15
Jan-Mar/16
Jan-Mar/15
(106 euros)
USA
Jan-Mar/16
Jan-Mar/15
Jan-Mar/16
(as a percentage of GDP)
3
4
5
6
7
1
Current and capital accounts…………………………………………….…………………………………………….…………………………………………….
219
- 26
0.5
1
2
-0.1
2.3
.
-2.1
8
.
2
Current account………………………………………………………………………………………………………………………….…………………………………………….
- 244
- 305
-0.6
-0.7
2.2
.
-2.1
.
3
-1 813
-2 107
-4.2
-4.8
Goods(4)……………………………………………………………………………………………………………………………………….…………………………………………….
2.6
.
-3.9
.
4
Services…………………………………………………………………………………………………………………….…………………………………………….
2 100
1 999
4.9
0.4
.
1.4
.
5
Primary income…………………………………………………………………………………………………………………….…………………………………………….
- 754
- 246
-1.8
-0.6
6
Secondary income …...………………………………………………………………………………………………………………………….…………………………………………….
224
50
0.5
0.1
7
of which: Migrants' remittances………………………………….…………………………..…………………………………………….…………………………………………….
664
555
1.6
1.3
4.5
1.3
.
1.1
.
-2.0
.
-0.8
.
.
.
.
.
0.0
.
0.0
.
-0.4
-0.7
.
-0.3
.
10
Direct investment …………………………………………………………………………………………………………………….…………………………………………….
- 604
-1 552
-1.4
-3.5
.
.
-2.7
.
11
Portfolio investment …………………………………………………………………………………………………………………….…………………………………………….
-4 599
3 398
-10.8
7.7
-4.9
.
3.0
.
12
Financial derivatives
.
-0.9
.
13
Other investment …………………………………………………………………………………………………………………….…………………………………………….
4 034
-1 777
9.4
-4.0
-1.0
.
-0.6
.
Reserve assets …..…………………………………………………………………………………………………………………….…………………………………………….
1 528
- 278
3.6
-0.6
0.2
.
-0.1
.
Errors and omissions…………………………………………………………………………………………….…………………………………………….…………………………………………….
-2
- 132
0.0
-0.3
-3.0
.
0.9
.
8
9
Capital account………………………………..………………..………………………………………..…………………………………………….…………………………………………….
463
279
1.1
0.6
(5)
218
- 158
Financial account ……...……………………………………………………………………………………….…………………………………………….
14
15
(6)
0.5
- 142
51
-0.3
0.1
1.0
and employee stock options …………………………………………………………………………………………………………………….…………………………………………….
Current and capital accounts
Current and capital accounts balance, by main components
40
4
0.8
30
2
1
10
0
0
-10
-20
109 euros
0.4
20
109 euros
109 euros
3
-0.4
-30
0
-40
-1
Jan
Feb
Mar
Apr
May
2014
Jun
Jul
Aug
Sep
2015
Oct
Nov
Dec
Goods and services
Capital account
2016
Direct Investment
20
-0.8
40
Income
Current and capital accounts
Net external assets change, by institutional sector
10
30
15
20
5
5
0
0
-10
-20
-5
109 euros
10
109 euros
109 euros
10
-30
0
-5
-40
2011
2012
Assets
2013
2014
Liabilities
2015
-10
Non-financial corp. and households
General government
Net foreign assets changes
Financial corp., excl. central bank
Central bank
(1) The nominal GDP figures used for the calculation of the ratios are published by Instituto Nacional de Estatística (INE). For the latest quarter, and when such figure is not available, an extrapolation for the nominal GDP of this quarter is
performed, based on partial information disseminated by INE. Therefore, the estimate takes into account the GDP of the same quarter of the previous year, the published year-on-year change rate in volume for the latest quarter, and the last
published figure for the year-on-year growth rate of the GDP deflator. For the series on stocks, the nominal GDP used in the calculation of the ratios corresponds to the accumulated GDP of the last four quarters, regardless the quarter to which
it relates; in the case of flows, the nominal GDP used in the calculation of the ratios corresponds to the accumulated amount since the beginning of the year until the quarter to which the figures relate.
(2) Euro Area: fixed composition 19 countries.
(3) Preliminary balance of payments values for the current period because the capital account is not available and the financial account and errors and omissions do not include the net value of financial derivatives.
(4) Based on data from international trade adjusted to f.o.b. values.
(5) A plus (minus) sign means a net increase (net decrease) on assets.
(6) Financial derivatives other than reserves
54
BANCO DE PORTUGAL • Boletim Estatístico
External trade of goods and services
A.17
Source: Banco de Portugal and Instituto Nacional de Estatística
Exports
Jan-Mar/15
Imports
Jan-Mar/16
Jan-Mar/16
(106 euros)
Jan-Mar/16
Jan-Mar/16
6
(y.r. - in %)
1
1
Jan-Mar/15
(y.r. - in %)
(10 euros)
2
3
4
5
6
Goods………………………………………………………………………………..…………………………………………………………………..
12 168
11 929
-2.0
14 216
14 352
1.0
By broad economic categories
2
Consumer goods………………………………….…………………………………………………..
4 183
4 134
-1.0
4 574
4 906
7.0
3
Intermediary goods………………………………………………….………………………….……..
4 173
4 116
-1.0
4 655
4 757
2.0
4
2 960
Equipment goods…………………………………………………………………………………………………….
5
Fuels………………………………………………………….
6
Others ……….……………………………………………………………..……………..
7
3 074
4.0
3 241
3 452
6.0
841
595
-29.0
1 744
1 233
-29.0
11
10
-4.0
2
4
107.0
Memo : Total excluding fuels …………………….………………………………………………………………………….…………..…………..…………..…………..…………..…………..
11 327
11 334
0.0
12 472
13 119
5.0
By region
Intra-European Union………………………………………………………………………..………..
8
9
9 282
3.9
11 067
11 232
1.5
of which: Germany……………………………………………………………………………………………………………………..
1 484
1 417
8 933
-4.5
1 883
1 954
3.8
2.5
4 650
4 678
0.6
10
Spain…………………………………………………………………………………………..3 060
3 135
11
France….………………………………………………………………………………………………
1 503
1 592
5.9
1 099
1 176
7.0
12
Italy…………………………………………………………………………………………………………..
379
414
9.1
755
785
4.0
-6.0
United Kingdom …...………………………………………………………………………...…825
868
5.0
490
460
2 687
-16.9
3 149
3 133
-0.5
of which: Angola …...……………………………………………………………………………………………………………………..
552
303
-45.0
193
217
12.5
13
Extra-European Union……………………………………………………………………….………..
14
15
3 235
16
Brazil …………………………………………………………………………………………….165
120
-27.4
178
269
50.7
17
China …………………………………………………………………………………………….
205
138
-32.9
456
465
2.0
18
USA ……………………………………………………………………………………………. 561
507
-9.6
217
217
0.0
19
Services …………………………………………………………………………………..………..………………… 5 088
5 045
-0.8
2 987
3 047
2.0
20
Manufacturing services on physical inputs owned by others…...…………………………………………………………………………………………..………………….
87
86
-1.1
-70.8
21
Maintenance and repair services n.i.e.…………...…………………………………………………………………………………………………………..
76
93
22
Transportation……..……………………………………………………………………………………….
23
Travel…...………………………………………………………………………………………………………….……………………………….
1 793
24
Other business services…………………………………………………………………………………………..
1 088
25
Personal, cultural and recreational services………………………………………..……
45
26
37
Government goods and services n.i.e. (1)………………………………………………………………………………..………
(3)
1 410
-20
Goods
729
712
-2.3
1 914
6.8
807
857
6.2
1 033
-5.0
625
634
1.4
45
-0.6
70
67
-4.4
36
-1.1
27
25
-6.6
Imports - y.r.
10
-10
Services
Goods
Mar/16
Sep/15
Jun/15
-5
Mar/15
0
Dec/15
5
Dec/14
in percentage
Mar/16
Dec/15
Sep/15
Jun/15
Mar/15
Dec/14
in percentage
6.6
-10.1
15
10
-10
80
20
20
0
2
75
1 267
Exports - y.r.
30
7
23.0
Services
Goods trade
Exports Jan-Mar/16
Imports Jan-Mar/16
1 - Intra-Euro Area
2 - Extra-Euro Area
1
2
3 - United Kingdom
6
5
7
4
3
9
8
5 - USA
6 - Africa
7 - Asia
8 - Latin America
9 - Others
(1) n.i.e. - not included elsewhere.
(2) Balance of payments values.
7
4 - Other EU countries
1
2
6
5
8
4
3
9
56
A.18
BANCO DE PORTUGAL • Boletim Estatístico
International investment position
Source: Banco de Portugal, Instituto Nacional de Estatística, European Central Bank and National Central Banks
Portugal
2015 Q3
(1)
(2)
Euro Area
2015 Q4
2016 Q1
2015 Q3
2015 Q4
2016 Q1
(as a percentage of GDP)
1
2
3
4
-107.7
-5.9
5
6
-4.0
.
End-of-period outstanding amounts
(3)
-111.8
-109.4
International investment position (IIP) ……………………………...…………………………………………………………………………………………………..
1
Assets…………...……………………………………………………….……….………………………...………………………………………..………………………………………..………………………………………..
182.9
183.3
180.0
209.8
2
44.8
212.5
.
90.9
93.2
.
66.4
3
Direct investment…………………………..……………………………………………………………………..………………………………………..
44.6
44.8
4
Portfolio investment…..………………………………………………………….……………………………………………………………………..………………………………………..
66.1
66.3
64.9
68.9
.
5
-0.3
0.1
-0.7
-0.3
Financial derivatives(4) and employee stock options …………………………………………………………………………….………………………………………..………………………………………..
-0.4
.
6
Other investment………………………………………………………………………………………………………………………..………………………………………..
63.2
62.2
60.6
46.5
44.6
.
7
Reserve assets…………………………………………………………………………………………..………………………………………..………………………………………..
9.3
9.9
10.4
6.2
6.2
.
215.7
216.5
.
70.4
72.3
.
Liabilities……………………………………………………………………………………………………….………………………………………..………………………………………..
294.8
292.7
287.7
8
9
Direct investment…………………………………………………………………………………….………………………………………..
71.4
70.7
10
Portfolio investment…………………………………………………………………………………………………….………………………………………..………………………………………..
81.1
79.4
74.9
96.9
97.7
.
11
Other investment……………………………………………………………………………….………………………………………..………………………………………..………………………………………..
142.3
142.6
140.9
48.4
46.5
.
-
-
12
71.9
-103.0
-101.5
-99.4
Net external debt(5)……………………………………………………………………………..………………………………………..………………………………………..………………………………………..
IIP - Euro Area countries - 2015(6)
50
31.6
51
DE
MT
61.9
66.6
BE
NL
0
-50
-100
-150
-70
-69.4
IE
SK
-40.2
-38.5
EE
SI
-26.7
-17.4
-4
-3.9
AE
FI
-90.5
-129.2
CY
-126.4
GR
-109.4
PT
ES
IT
FR
Portuguese International Investment Position (IIP)
(2016 Q1)
-198
109 euros, inverted scale
49.2
3.2
AT
LU
Net External Debt and International Investment Position
(2001 - 2016 Q1)
150
100
-0.2
-196
1.6
-0.9
0.9
-194
-196.2
-194.7
-192
as a percentage of GDP
as a percentage of GDP
100
50
0
-50
-100
-150
-190
Stock Dec 2015 Transactions
Price changes Exchange rate
changes
Other
Stock Mar 2016
Adjustments
Net External Debt
International Investment Position
(1) The nominal GDP figures used for the calculation of the ratios are published by Instituto Nacional de Estatística (INE). For the latest quarter, and when such figure is not available, an extrapolation for the nominal GDP of this quarter is
performed, based on partial information disseminated by INE. Therefore, the estimate takes into account the GDP of the same quarter of the previous year, the published year-on-year change rate in volume for the latest quarter, and the last
published figure for the year-on-year growth rate of the GDP deflator. For the series on stocks, the nominal GDP used in the calculation of the ratios corresponds to the accumulated GDP of the last four quarters, regardless the quarter to which it
relates; in the case of flows, the nominal GDP used in the calculation of the ratios corresponds to the accumulated amount since the beginning of the year until the quarter to which the figures relate.
(2) Euro Area: fixed composition 19 countries.
(3) Calculated as the difference between assets and liabilities.
(4) Financial derivatives other than reserves. Net figures.
(5) It corresponds to the opposite sign of the net external debt as defined by international organizations. It is based on the IIP excluding equity capital and reinvested earnings from direct investment, shares and other equity
from portfolio investment, financial derivatives.
(6) Data according to the 6th edition of the Balance of Payments and International Investment Position Manual.
(7) Includes universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of other monetary financial institutions (OMFIs).
58
BANCO DE PORTUGAL • Boletim Estatístico
Non-financial corporations from the central balance-sheet database
A.19
Source: Banco de Portugal
2012
2013
Dec
Mar
Jun
2014
Sep
Dec
Mar
Jun
2015
Sep
Dec
Mar
Jun
Sep
Dec
(EBITDA(1) / Total assets - in percentage)
1
1
2
3
4
5
6
7
8
9
10
11
12
13
5.6
5.8
6.2
6.5
6.6
5.8
5.7
5.5
5.4
5.7
5.6
5.3
5.6
5.8
6.3
6.5
6.6
7.6
4.4
4.2
4.6
4.7
5.4
5.5
5.3
5.4
Total non-financial corporations …………………………………………………………………………...……………………………………………………………………………
2
6.6
6.2
6.3
6.2
6.4
Public corporations(2) ……………..……………..……………..……………..……………..……………..……………..……………..
3
Private corporations …………………………………………………………………………...……………………………………………………………………………
4.3
4.2
4.6
4.6
5.3
5.5
5.2
6.2
6.3
Private corporations by economic activities
4
Industry (B+C) …………………………………………………………………………...……………………………………………………………………………
6.8
6.8
6.8
6.9
7.2
7.3
7.5
7.4
7.6
8.0
8.2
8.6
5
Electricity, gas and water (D+E) …………………………………………………………………………...……………………………………………………………………………
8.9
9.2
9.3
8.9
9.1
9.3
9.2
9.2
9.2
9.0
9.0
9.1
9.3
6
Construction (F) …………………………………………………………………………...……………………………………………………………………………
1.6
1.2
2.0
2.3
2.4
2.8
2.7
2.7
3.0
3.3
3.3
3.1
3.3
7
Commerce (G) …………………………………………………………………………...……………………………………………………………………………
3.9
3.6
4.0
4.6
5.3
5.7
5.7
6.0
6.4
6.7
7.0
6.9
7.1
8
Transportation (H) …………………………………………………………………………...……………………………………………………………………………
4.1
4.2
4.3
5.0
8.6
8.4
8.6
9.0
9.6
9.9
10.3
10.2
10.3
9
Other services …………………………………………………………………………...……………………………………………………………………………
4.2
3.7
4.1
3.9
4.7
4.7
3.5
3.5
3.5
3.6
4.9
5.5
5.7
10
Non-financial holdings (K, 64202) …………………………………………………………………………...……………………………………………………………………………
1.5
1.5
2.3
2.1
2.9
2.9
3.2
3.1
4.2
4.3
4.4
4.8
4.3
Private corporations by size (excluding non-financial holdings)
11
Small and medium-sized corporations …………………………………………………………………………...……………………………………………………………………………
2.9
2.6
3.0
3.2
4.2
4.5
4.5
4.7
4.9
5.1
5.3
5.6
5.8
12
Large corporations …………………………………………………………………………...……………………………………………………………………………
8.2
8.2
8.3
8.2
8.4
8.4
7.4
7.4
7.5
8.7
8.9
9.1
Cost of debt and financial pressure
(evolution between Q4-14 and Q4-15)
in percentage
80%
60%
40%
20%
0%
2012
Equity
2013
Obtained funding
2014
2015
Dec
Trade creditors
Others
Interest expenses / Obtained funding
(in percentage)
Structure of funding (in % of total assets)
100%
7.4
6
5
4
3
2
1
1
2
3
4
5
6
EBITDA / Interest expenses (units)
Total non-financial corporations
Electricity, gas and water (D+E)
Commerce (G)
Other services
7
8
9
Industry (B+C)
Construction (F)
Transportation (H)
Non-financial holdings (K, 64202)
200
200
150
150
nr. of days
nr. of days
Days accounts receivables(3)
100
50
0
100
50
0
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
2012
2013
2014
2015
Public corporations(2) and Private corporations
Total
Public corporations(2)
Industry (B+C)
Construction (F)
Transportation (H)
Private corporations
200
150
150
50
0
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
2012
2013
2014
2015
Public corporations(2) and Private corporations
Total
Public corporations(2)
Private corporations
Electricity, gas and water (D+E)
Commerce (G)
Other services
(4)
200
nr. of days
nr. of days
Days accounts payables
100
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
2012
2013
2014
2015
Private corporations by economic activities
100
50
0
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
2012
2013
2014
2015
Private corporations by economic activities
Industry (B+C)
Construction (F)
Transportation (H)
Electricity, gas and water (D+E)
Commerce (G)
Other services
(1) Earnings before depreciations and amortizations, interest expenses and income tax
(2) Public corporations not included in the general government sector
(3) Days accounts receivables = 365*[Trade debtors] / [Net turnover, VAT adjusted for domestic transactions].
(4) Days accounts payables = 365*[Trade creditors] / [Purchases of goods for resale, raw materials, secondary and consumables + External supplies and services, VAT adjusted for domestic transactions].
60
BANCO DE PORTUGAL • Boletim Estatístico
Non-financial sector indebtedness(1)
A.20
Source: Banco de Portugal and Instituto Nacional de Estatística
Mar-2015
Oct-2015
Nov-2015
Dec-2015
Jan-2016
Feb-2016
Mar-2016
Mar-2015
6
Dec-2015
Mar-2016
(1)
(10 euros)
(as a percentage of GDP )
1
2
3
4
5
6
7
8
9
10
283 512
285 128
288 353
288 354
292 582
289 476
291 167
161.9
160.8
161.0
25.7
24.5
24.3
Total debt
1
General government
2
Public corporations ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
45 032
43 903
43 872
44 018
44 234
44 127
43 916
Public corporations included in general government
3
(1)
37 088
36 403
36 438
36 825
37 083
37 000
36 924
21.2
20.5
20.4
……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
Public corporations not included in general government ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
7 944
7 500
7 434
7 193
7 151
7 127
6 992
4.5
4.0
3.9
4
5
Non-financial public sector (1 + 4) ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
291 456
292 628
295 787
295 547
299 733
296 603
298 159
166.5
164.8
164.9
6
Private corporations ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
265 075
262 585
263 386
262 109
261 637
261 536
262 379
146.1
145.1
158 506
158 846
159 785
158 669
158 534
158 920
159 335
90.5
88.5
……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
88.1
8
Micro corporations (344 thousand) ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
67 652
67 807
68 747
68 031
68 424
68 605
68 640
38.6
37.9
38.0
9
Small corporations (34 thousand) ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
42 551
42 620
42 648
42 502
42 217
42 256
42 435
24.3
23.7
23.5
10
Medium corporations (6 thousand)……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
48 304
48 419
48 391
48 136
47 893
48 059
48 259
27.6
26.8
26.7
Micro, small and medium corporations
7
(1)
151.4
11
82 457
79 431
79 349
79 610
79 004
78 838
79 526
47.1
Large corporations(1) (1 thousand)……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
44.4
44.0
12
Non-financial holdings (2 thousand)……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
24 112
24 308
24 252
23 830
24 099
23 778
23 518
13.8
13.3
13.0
147 619
145 681
145 707
145 632
145 276
145 151
144 933
Private individuals(1) ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
13
of which: housing ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
108 832
107 009
106 730
106 374
106 133
105 858
105 563
14
84.3
81.2
62.2
59.3
80.2
58.4
227.3
225.3
15
Non-financial private sector (6 + 13) ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
412 695
408 266
409 093
407 741
406 913
406 687
407 312
235.7
16
Total - non-financial sector indebtedness (5 + 15) ……………………….……………………….……………………….……………………….……………………….……………………….……………………….……………………….
704 151
700 893
704 880
703 288
706 646
703 290
705 471
402.2
392.1
Indebtedness of the non-financial sector by debtor sector
350
Indebtedness by debtor and creditor sectors
350
300
250
250
in billion euros
in billion euros
300
200
150
390.1
200
150
100
100
50
50
0
0
Mar/15 Feb/16 Mar/16 Mar/15 Feb/16 Mar/16 Mar/15 Feb/16 Mar/16
Non-financial public sector
Private corporations
Private individuals
Financed by:
Non-financial public sector
Private corporations
Private individuals
General government
Private corporations indebtedness, by NACE: Mar-16
Financial sector
Corporations
Private individuals
External
Private corporations indebtedness, by size: Mar-16
Industry (B+C)
Other
Electricity, gas and water
(D+E)
B+C
9%
26%
Construction (F) + Real
estate activity (L)
K, 64202
J
D+E
I
Commerce (G)
Small corporations
30%
Medium corporations
Transportation (H)
H
F+L
G
Large corporations
16%
Accomodation and food
service (I)
Information and
communication (J)
Non-financial holdings (K,
64202)
(1) For more information see notes for Table K.1.1, on chapter K of the Statistical Bulletin.
Micro corporations
19%
Non-financial holdings
62
BANCO DE PORTUGAL • Boletim Estatístico
Total credit granted to the non-financial sector, excluding general government(1)
A.21
Source: Banco de Portugal
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
(annual rate of change - in percentage)
1
1
2
3
4
5
6
7
8
9
10
11
12
13
Credit granted to the non-financial sector, excluding general government……………………………………………………………………………………………………...………………………………………………………………………………………………
-2.1
-1.5
-1.2
-1.2
-1.4
-1.4
-1.5
-1.0
-0.9
-1.3
-1.3
-1.3
-1.2
2
Credit granted to non-financial corporations……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
-1.9
-0.8
-0.2
-0.1
-0.5
-0.5
-0.7
0.0
0.1
-0.9
-0.9
-0.9
-0.7
3
Credit granted to private non-financial corporations………………………………………………………………………………………………………………………………………………………………………………………………………………………………
-1.3
-0.8
-0.1
0.0
-0.4
-0.3
-0.5
0.2
0.3
-0.7
-0.6
-0.6
-0.3
4
Credit granted to public non-financial corporations non-consolidating
in general government…………………………………………………………………………………………….…………………………………………………………………………………………………………………………………………………..………………
-16.5
-1.7
-2.2
-2.0
-4.8
-5.9
-6.6
-7.0
-8.1
-7.5
-8.2
-8.4
-12.0
Credit granted to private individuals……………………………………………………………………………………………...……………………………………………………………………………………………...………………………………………………………
-2.4
-2.5
-2.5
-2.7
-2.6
-2.7
-2.6
-2.3
-2.1
-1.9
-1.9
-1.8
-1.8
5
6
Credit granted to private individuals for house purchase……………………………………………………………………………………………...……………………………………………………………………………………………...……………………………
-3.8
-3.8
-3.7
-3.8
-3.7
-3.7
-3.6
-3.4
-3.3
-3.1
-3.0
-3.0
-2.9
7
Credit granted to private individuals for consumption and other purposes ………………………………………………………………………………………...……………………………………………………………………………………………...……………
2.0
1.7
1.8
1.2
1.1
0.9
0.7
1.4
2.0
2.2
2.0
2.2
2.0
2
Total credit granted to the non-financial sector, excluding
general government
1
in percentage
0
-1
-2
-3
-4
-5
2013
2014
2015
2016
Credit granted to the non-financial sector, excluding general government
Credit granted to non-financial corporations
Credit granted to private individuals
10
Credit granted to non-financial corporations nonconsolidating in general government
3
Credit granted to private individuals
2
5
1
0
0
in percentage
in percentage
-5
-1
-2
-10
-3
-15
-4
-20
-25
-5
2013
2014
2015
2016
-6
2013
2014
2015
2016
Credit granted to private non-financial corporations
Credit granted to private individuals for house purchase
Credit granted to public non-financial corporations non-consolidating in general government
Credit granted to private individuals for consumption and other purposes
(1) Annual rates of change of outstanding amounts, on a consolidated basis, i.e., excluding operations between entities of the same institutional sector. They consider loans, debt securities and trade credits. The figures
are adjusted for securitisation operations, reclassifications, write-offs / write-downs, exchange rate changes and price revaluations. Whenever relevant, the figures are also adjusted for credit portfolio sales.
Maio 2016
Economic and financial indicators of the private non-financial corporations(1)(to be continued)
A.22
Source: Banco de Portugal
2010
2011
2012
2013
2014
(In percentage, unless otherwise indicated)
1
2
3
4
5
Coverage rates for the CBSD data
1
Number of corporations ………………………………………………………………………………………………………………………………
95.9
97.5
97.5
97.6
94.8
2
Turnover ………………………………………………………………………………………………………………………………
99.5
99.5
99.3
95.5
97.7
Ratios of profitability
1.1
0.0
2.8
3.1
4
Return on equity ……………………………………………………………………………………………………………………………… 10.1
Operational and financial components ………………………………………………………………………………………………………………………………
5.2
2.6
2.4
3.2
3.3
5
Borrowing component (in units) ………………………………………………………………………………………………………………………………
2.4
1.3
0.9
1.6
1.7
Fiscal effect (in units) ………………………………………………………………………………………………………………………………
0.8
0.3
0.0
0.6
0.5
3
6
7
Return on assets ………………………………………………………………………………………………………………………………
3.2
0.3
0.0
0.9
1.0
8
Return on investment ………………………………………………………………………………………………………………………………
6.4
2.8
2.5
3.6
3.7
9
Operating profitability (on investments) ………………………………………………………………………………………………………………………………
11.5
7.7
7.2
8.4
8.7
10
Net profits / Revenues ………………………………………………………………………………………………………………………………
4.4
0.5
0.0
1.3
1.4
11.3
EBITDA(2) / Revenues ………………………………………………………………………………………………………………………………
7.7
7.6
8.8
8.6
64
11
Ratios of activity (number of days)
12
Accounts receivables in days ………………………………………………………………………………………………………………………………
70
69
69
67
13
Accounts payables in days ………………………………………………………………………………………………………………………………
76
73
73
71
68
14
Days sales of inventories ………………………………………………………………………………………………………………………………
156
149
146
135
124
Ratios of funding and debt service
15
4.8
Obtained funding / EBITDA(2) (in units) ………………………………………………………………………………………………………………………………
7.3
8.0
6.8
6.4
16
6.1
EBITDA(2) / Interest expenses (in units) ………………………………………………………………………………………………………………………………
3.3
2.9
3.5
3.8
17
Interest expenses / Obtained funding ………………………………………………………………………………………………………………………………
3.4
4.2
4.3
4.2
4.1
18
Interest expenses / Turnover ………………………………………………………………………………………………………………………………
2.0
2.5
2.8
2.6
2.4
Ratios of financial structure
19
Liabilities / Equity (in units) ………………………………………………………………………………………………………………………………
2.2
20
Current ratio ………………………………………………………………………..……………..………………..………………………… 118.6
21
Acid ratio ………………………………………………………………………………………………………………………………
22
Short term debt / Liabilities ………………………………………………………………………………………………………………………………
59.2
23
Financial leverage ………………………………………………………………………………………………………………………………55.1
81.3
2.3
2.3
2.3
2.3
116.7
117.3
120.1
123.6
80.5
82.6
86.5
90.4
58.9
57.8
55.8
55.0
56.3
57.5
56.5
55.6
Distribution of revenues
24
Suppliers ………………………………………………………………………………………………………………………………………………..
72.7
75.0
75.0
74.5
74.2
25
Employees ………………………………………………………………………………………………………………………………………………..
12.7
13.0
13.0
12.9
12.7
26
Banks and other lenders ………………………………………………………………………………………………………………………………………………..
1.9
2.3
2.7
2.5
2.3
27
Government ………………………………………………………………………………………………………………………………………………..
1.3
1.2
1.2
1.2
1.3
28
Corporation, self-financing ………………………………………………………………………………………………………………………………………………..
8.9
5.6
5.2
6.1
6.0
29
Other ………………………………………………………………………………………………………………………………………………..
2.5
2.9
2.9
2.8
3.5
Return on equity
In percentage
12
Ratios of funding and debt service
7
6
8
5
Interest Expenses /
Obtained funding
(in percentage)
4
2012
4
2014
2010
3
0
2010
2011
2012
2013
Operational and financial components
Borrowing component
Fiscal effect
Return on equity
(1) Exclude non-financial holdings. For more information on ratios, see metadata available in BPstat.
(2) Earnings before depreciations and amortizations, interest expenses and income tax.
2014
2
1
1
2
3
4
5
EBITDA / Interest expenses (units)
6
7
65
66
BANCO DE PORTUGAL • Boletim Estatístico
Economic and financial indicators of the private non-financial corporations(1)(continued)
A.22
Source: Banco de Portugal
2010
2011
2012
2013
2014
(In percentage)
1
2
3
4
5
30
Equity ……………………………………………………………………………………………………………………………… 31.2
30.4
29.9
30.3
30.7
31
Securities market ………………………………………………………………………………………………………………………………
4.0
3.9
4.5
4.9
4.6
32
Loans ……………………………………………………………………………………………………………………………………….
34.3
35.4
36.0
34.6
33.8
20.6
19.1
18.1
17.0
14.0
13.9
14.2
2.8
2.6
2.6
11.8
11.2
10.9
10.9
18.6
18.3
19.4
20.1
83 594
79 388
2.0
2.0
Sources of funding (in % of assets)
33
Credit institutions ………………………………………………………………………………………………………………………………
21.3
34
Participated and participant companies ………………………………………………………………………………………………………………………………
11.1
12.4
35
Other funders …………………………………………………………………………………………………………………………………………………
1.9
2.4
36
Trade creditors ……………………………………………………………………………………………………………………………………….
12.0
37
Others ……………………………………………………………………………………………………………………………… 18.5
(In million euros unless otherwise indicated)
Domestic loans granted by resident credit instituitions
38
Total loans ………………………………………………………………………………………………………………………………………………..
103 270
39
Average number of financial institutions per borrower
(in units)
99 194
90 270
………………………………………………………………………………………………………………………………………………..
2.1
2.1
2.0
Total loans, by original maturity
40
Up to 1 year ………………………………………………………………………………………………………………………………………………..
8 002
6 672
5 830
5 476
6 168
41
More than 1 year ………………………………………………………………………………………………………………………………………………..
71 423
69 512
65 872
61 946
59 755
42
23 844
23 010
Undetermined (2) ………………………………………………………………………………………………………………………………………………..
18 568
16 171
13 464
Total loans, by residual maturity
43
Up to 1 year ………………………………………………………………………………………………………………………………………………..
16 063
16 224
12 568
10 048
10 376
44
More than 1 year ………………………………………………………………………………………………………………………………………………..
58 626
54 311
51 053
47 857
45 727
45
28 581
28 659
Undetermined (2) ………………………………………………………………………………………………………………………………………………..
26 649
25 690
23 284
11.1
14.2
15.8
3.6
3.1
2.4
7.6
11.1
13.4
30.3
30.8
………………………………………………………………………………………………………………………………………………..
19.5
20.1
21.0
17.7
16.5
(In percentage)
Risk indicators
Loans in default granted by resident credit instituitions
4.9
7.4
Overdue loans ratio (3) ………………………………………………………………………………………………………………………………………………..
46
47
1.7
2.7
Overdue loans ratio - up to 1 year (3) ………………………………………………………………………………………………………………………………………………..
48
Overdue loans ratio - over 1 year
(3)
3.3
4.7
………………………………………………………………………………………………………………………………………………..
Borrowers with overdue loans (in % of number of borrowers) ………………………………………………………………………………………………………………………………………………..
20.5
24.7
28.9
49
50
Corporations with interest expenses > EBITDA
51
Corporations with negative EBITDA (in % of number of corporations) ………………………………………………………………………………………………………………………………………………..
32.3
36.3
39.1
36.4
35.5
52
Corporations with negative net profits (in % of number of corporations) ………………………………………………………………………………………………………………………………………………..
41.0
44.7
47.8
44.0
42.5
53
Corporations with negative equity (in % of number of corporations) ………………………………………………………………………………………………………………………………………………..
25.0
27.2
29.2
29.3
29.3
54
Liabilities of corporations with interest expenses > EBITDA
………………………………………………………………………………………………………………………………………………..
21.2
26.8
29.4
23.9
24.1
(in % of number of corporations)
(in % of liabilities)
Loans in default
In percentage
14
12
10
8
6
4
2
2011
2012
2013
2014
In percentage of the number of corporations
16
2010
Risk indicators
60
18
50
40
30
20
10
0
2010
2011
2012
2013
Overdue loans ratio up to 1 year
Corporations with negative EBITDA
Overdue loans ratio over 1 year
Corporations with negative net profits
Overdue loans ratio
Corporations with negative shareholder capital
Corporations with interest expenses > EBITDA
(1) Exclude non-financial holdings. For more information on ratios, see metadata available in BPstat.
(2) The undetermined maturity category includes loans for which the assignment of the original maturity is not possible. It may include among others the financial products, credit on current accounts and overdrafts.
(3) Ratio between overdue loans and the total amount of loans.
2014
68
BANCO DE PORTUGAL • Boletim Estatístico
Investment funds(1)
A.23
Source: Banco de Portugal, Securities Market Comission and European Central Bank
Portugal
Dec-2014
Mar-2015
Euro Area
Dec-2015
Feb-2016
Mar-2016
Dec-2014
Mar-2015
Dec-2015
Feb-2016
Mar-2016
(end-of-period figures - 109 euros)
1
2
3
4
5
6
7
8
9
10
Assets
1
Deposits and loan claims(2) …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….………………
5.0
5.2
5.0
4.9
5.0
584.2
663.0
617.1
629.7
.
2
Debt securities …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….
4.4
4.4
3.7
3.6
3.6
3 617.0
3 969.5
3 873.6
3 834.0
.
3
Shares and other equity …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….……………………
4.9
5.6
5.4
5.1
5.1
4 139.3
4 736.7
4 668.1
4 381.5
.
4
Non-financial assets
(3)
…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….……………………
13.5
13.2
12.1
12.0
11.9
267.1
269.7
286.6
285.4
.
Liabilities
5
Shares / units issued by investment funds(4) …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………
24.6
25.3
23.7
23.3
23.2
8 467.0
9 442.7
9 303.4
9 009.1
.
Of which - By investment policy
(5)
6
Equity funds …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….………………………
1.2
1.5
1.3
1.2
1.2
2 411.8
2 785.4
2 672.1
2 470.8
.
7
Bond funds …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….………………………
6.0
6.3
5.8
5.6
5.6
2 724.5
2 963.1
2 799.6
2 772.6
.
Real estate funds …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….………………
12.6
12.4
11.5
11.4
11.3
386.9
400.1
428.3
431.6
.
8
Of which - By institutional sector of the investor:
9
Monetary financial institutions …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…
7.9
8.1
7.9
7.7
7.6
-
10
Insurance corporations and pension funds …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………
3.8
3.3
2.5
2.4
2.4
-
11
Private individuals …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….………………
8.2
9.2
8.8
8.5
8.5
-
Investors non-residents in Portugal …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………
0.8
0.7
0.9
1.1
1.1
-
12
Memo item:
13
Shares / units issued by money market funds(1) …………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….…………………………….………………………
2.5
2.4
3.1
3.0
3.0
925.4
1 021.0
1 078.5
1 066.2
1 037.6
16
Investment funds shares/units issued - total and broken down
by investment policy - End-of-period figures
6
14
5
12
4
109 euros
109 euros
10
8
6
4
Mar-12
Mar-13
Deposits and loan claims
Shares and other equity
Mar-14
Mar-15
2
Debt securities
Non-financial assets
Assets of investment funds by instrument - End-of-period
figures
14
12
30
16
25
14
109 euros
15
8
6
10
4
5
2
Mar-12
Mar-13
Mar-14
Mar-15
Equity funds
Bond funds
Real estate funds
Total of investment funds shares/units issued (right scale)
Mar-12
Mar-13
Foreign equity securities
National equity securities
20
10
0
Mar-11
0
Mar-11
Mar-16
0
Mar-16
Mar-14
Mar-15
Mar-16
Foreign debt securities
National debt securities
Assets of investment funds in domestic and foreign securities
- End-of-perod figures
12
109 euros
0
Mar-11
109 euros
3
1
2
16
Investors in investment funds shares/units broken down by
institutional sector - End-of-period figures
10
8
6
4
2
0
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Private individuals
Monetary financial institutions
Insurance corporations and pension funds
(1) Excluding money markey funds, which in the statistics of the Eurosystem are considered as other monetary financial institutions.
(2) Deposits and loan claims include, other than deposits, loans and shareholders loans.
(3) The non-financial assets correspond mostly to the assets held by real estate funds in real estate.
(4) The amount of the investment fund shares/units correspond to funds' net value and include the amount invested plus sundry assets less loans and sundry liabilities.
(5) View notes (a) and (b) in table B.8.1.1.2 in Statistical Bulletin.
(6) Euro Area: changing composition.
Mar-16
70
International consolidated banking statistics
Source: Banco de Portugal
2012
2013
Dec
Mar
Jun
2014
Sep
Dec
Mar
Jun
2015
Sep
Dec
Mar
Jun
Sep
Dec
6
(10 euros)
1
11
12
13
2
3
4
5
6
7
8
9
10
1
Immediate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
96 937
93 897
85 137
82 683
84 644
87 107
90 235
89 470
87 172
88 089
86 844
85 412
87 949
2
Ultimate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
97 697
93 259
84 168
81 702
83 213
86 950
90 346
90 244
87 352
88 716
87 026
85 844
88 661
3
External claims ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
48 604
44 424
41 350
38 244
38 954
41 962
44 639
46 123
40 668
42 236
41 754
42 229
42 916
4
Local claims ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
49 093
48 835
42 817
43 458
44 258
44 987
45 707
44 121
46 684
46 480
45 272
43 615
45 745
432
712
6
Ultimate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
64 768
64 560
57 170
54 399
54 669
55 707
58 084
57 976
54 778
56 288
56 269
56 192
57 010
7
Net risk transfers ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
-366
-1 038
-1 451
-2 003
-1 805
-1 219
-1 331
-841
-1 249
-588
-831
End of period outstanding amounts
Foreign claims
Net risk transfers
5
(1)
760
-637
-969
-981
-1 432
-158
111
774
180
627
181
………………………………..………………………………………………………………….………………………………..………………………………………………………………….
By geographical aggregates
(2)
European Union
-527
-265
8
Ultimate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
13 372
12 430
12 542
12 889
13 261
14 727
14 949
17 057
17 163
17 490
16 483
16 044
16 840
9
Net risk transfers ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
156
187
217
221
-156
155
176
222
202
269
75
Portuguese Speaking African Countires
81
155
10
Ultimate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
6 159
4 811
4 350
4 532
4 242
4 886
5 362
5 111
4 347
4 595
4 308
3 912
4 279
11
Net risk transfers ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
797
262
224
541
335
432
629
632
448
396
388
BRICS
364
341
12
Ultimate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
5 501
4 959
4 756
4 710
5 372
5 349
5 656
4 786
4 552
4 322
4 953
4 862
5 664
13
Net risk transfers ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
129
-42
45
119
110
115
78
80
86
-54
-34
Off-shore Financial Centers
-24
-31
14
Ultimate risk basis ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
7 897
6 499
5 350
5 172
5 669
6 281
6 295
5 314
6 512
6 021
5 013
4 834
4 868
15
Net risk transfers ………………………………..………………………………………………………………….………………………………..………………………………………………………………….
44
-6
-4
141
84
359
559
681
693
604
583
Others
Foreign claims
- risk basis and Net risk transfers
538
512
Net risk transfers,
by main geographical aggregates
100
2
2
1
1
0
0
109 euros
80
60
-1
109 euros
120
109 euros
A.24
BANCO DE PORTUGAL • Boletim Estatístico
-1
40
20
0
2012
Q4
2013
2014
Q4
Q4
Total - Immediate risk basis
Total - Ultimate risk basis
Net risk transfers (right hand scale)
2015
Q4
-2
-2
-3
-3
2012
Q4
European Union
Off-shore
2013
Q4
PALOP
Others
2014
Q4
2015
Q4
BRICS
Total
(1) Net risk transfers represent the difference between ultimate risk basis and immediate risk basis. A positive (negative) sign reflects a higher (lower) risk exposure of Portugal vis-à-vis foreign countries at the ultimate risk basis.
(2) The composition of geographical aggregates can be found in BPstat | Statistics online .
72
Securities issues
Source: Banco de Portugal and European Central Bank
Mar-2015
Jan-2016
Feb-2016
Mar-2016
Mar-2015
(monthly net issues - 106 euros)
1
2
Jan-2016
Feb-2016
Mar-2016
Mar-2015
(sum of 12 months of net issues -106 euros)
3
4
Jan-2016
Feb-2016
Mar-2016
(end-of-month outstanding amount - 106 euros)
5
6
7
8
9
10
11
12
Total …………………………………………………………………………………………………………………………………………………………………………………….
-1 780
840
- 710
1 216
-19 059
-4 918
-7 188
-4 192
281 607
264 676
262 239
263 263
of which: Non-financial corporations……………………………………………….………………………………………………………………………………………………………………………………
- 556
- 195
- 101
431
-2 699
- 169
- 446
541
33 463
33 415
33 327
33 736
-12 040
-14 027
96 758
79 766
79 922
78 638
8 902
5 298
9 294
151 386
151 494
148 991
150 890
4 577
4 240
4 382
171 426
162 225
159 606
163 558
of which: Non-financial corporations……………………………………………….………………………………………………………………………………………………………………………………
25
57
43
60
1 796
2 332
2 316
2 351
102 993
101 037
98 683
101 971
Debt securities
1
2
3
Financial corporations…………………………………………………………………………………………………………………………………………………………………
1 018
-1 460
304
- 969
-17 285
-13 651
4
General government…………………………………………………………………………………………………………………………………………………………………
-2 242
2 496
- 912
1 754
926
Shares
5
Total …………………………………………………………………………………………………………………………………………………………………………………….
187
223
30
329
11 688
6
7
Financial corporations…………………………………………………………………………………………………………………………………………………………………
144
16
- 14
268
7 968
8
General government (1)…………………………………………………………………………………………………………………………………………………………………
18
150
0
0
1 925
Apr-2015
May-2015
Jun-2015
Jul-2015
Aug-2015
1 946
1 932
2 057
58 827
51 265
50 999
51 664
299
-7
- 25
9 606
9 924
9 924
9 924
Sep-2015
Oct-2015
Nov-2015
Dec-2015
Jan-2016
Feb-2016
Mar-2016
(annual rate of change - in percentage)
1
2
3
4
5
6
7
8
9
10
11
12
9
Portugal……………………………………………………………………………………………………………………………………………………….…………………………….
-8.2
-6.4
-7.0
-7.0
-5.9
-6.0
-3.0
-3.0
-1.8
-2.5
-3.2
-2.2
10
Euro area(3)………………………………………………………………………………………………………………….……………
-0.2
-0.7
-1.0
-0.5
0.1
0.0
-0.2
-0.7
-1.0
-1.4
11
Portugal……………………………………………………………………………………………………………………………………………………….…………………………….
6.0
5.9
4.5
0.9
0.9
0.9
0.9
0.7
0.7
0.7
0.7
0.7
12
Euro area(3)………………………...………………………………………………………………………………………………
1.4
1.2
1.0
1.0
1.0
1.1
1.0
1.0
0.9
Debt (2)
-1.1
-1.2
Listed shares
1.0
Securities issues, by instrument - net issues
50
40
40
30
30
20
20
10
0
0
-10
-20
-20
2010
2011
2012
2013
Debt securities
500
2014
2015
Securities issues, by institutional sector - net issues
10
-10
-30
1.0
50
109 euros
109 euros
1.0
Mar-15
Feb-16
Shares
-30
Mar-16
Total
2010
2011
2012
Non-financial corporations
Securities issues, by instrument - end-of-month outstanding amount
200
450
2013
2014
2015
Financial corporations
Mar-15
Feb-16
General government
Mar-16
Total
Securities issues, by instrument - end-of-month outstanding amount
180
400
160
109 euros
350
109 euros
A.25
BANCO DE PORTUGAL • Boletim Estatístico
140
300
250
120
200
100
150
100
Mar-11
Mar-12
Debt securities
Mar-13
Mar-14
Shares
(1) Unquoted shares issued by public corporations included in the general government.
(2) Nominal value.
(3) Euro Area: fixed composition 19 countries.
Mar-15
Mar-16
Total
80
Mar-11
Mar-12
Non-financial corporations
Mar-13
Mar-14
Financial corporations
Mar-15
Mar-16
General government