Portugal posted a current account surplus in the third quarter of 2012 of 900 million euros, as compared to a deficit of 1.5 billion euros in the same quarter of 2011, according to figures published Thursday by Eurostat.
The European Union’s statistics office also said that the trend of reducing the current account deficit had started in the final quarter of 2011 when Portugal posted a deficit of 2 billion euros.
Overall the 27 countries in the European Union recovered from a balance of trade deficit of 6.8 billion euros in the third quarter of 2011 to a surplus of 28.8 billion euros in the same period of 2012.
Greece, Spain and Italy also posted surpluses in the period and the United Kingdom posted the biggest current account deficit of the 27 countries with a total of 20.2 billion euros. (macauhub)