Portugal Jan-Nov current account surplus shrinks 7.8pc

LISBON: Portugal's current account surplus shrank 7.8 percent to 879 million euros ($938 million) in the first 11 months of 2016 from a year earlier, data released by the Bank of Portugal showed on Wednesday.

The combined balance of trade in goods and services for the period produced a surplus of 4.25 billion euros, 28 percent higher than a year ago mainly thanks to booming tourism, but primary income fell to a negative 4.05 billion euros from -3.71 billion euros a year ago.

Portugal posted current account surpluses for three years between 2013 and 2015 after decades of deficits and the government expects to keep the balance positive in 2016.