The net lending of Portuguese economy was 0.1% of Gross Domestic Product (GDP) in the year ending in the second quarter of 2021. Gross National Income (GNI) and Gross Disposable Income (GDI) increased by 3.7% and 4.0%, respectively, in the year ending in the second quarter (after reductions of 1.1% and 1.0% in the previous quarter), with GDP increasing by 3.6% in nominal terms (quarter-on-quarter rate of change of -1.1% in the year ending in the first quarter of 2021).
In the second quarter of 2021, the net lending of households sector decreased by 2.3 percentage points to 5.2% of GDP and the savings rate stood at 11.5% (14.2% in the previous quarter), mainly reflecting the 4.4% growth in private consumption (-1.8% in the previous quarter).
The balance of Non-Financial Corporations stood at -0.9% of GDP, 1.7 percentage points more than in the previous quarter, reflecting the 5.6% increase in Gross Value Added (GVA). The net lending of Financial Corporations decreased by 0.6 percentage points to 1.6% of GDP.
The balance of the General Government (GG) sector increased by 1.2 percentage points in the year ending in the second quarter of 2021, representing a net borrowing of 5.8% of GDP. Considering quarterly figures and not the year ending in the quarter as a reference, the balance of GG in the second quarter of 2021 reached -2 802.8 million euros, corresponding to -5.3% of GDP, which compares with -10.6 % in the same period of the last year.
The incorporation of the final annual results for 2019 and, to a greater extent, the provisional results for 2020 of the National Accounts in the estimation of the Quarterly National Accounts determined significant revisions (see the press release also published today with the annual results), notably the upward revision (+0.7 percentage points) of the year-on-year rate of change in volume of GDP in the second quarter of 2021, to +16.2%, and the downward revision (-0.4 percentage points) of the quarter-on-quarter rate of change, to 4.5%.