In a note released today, the Portuguese central bank points out that the net external debt in relation to GDP has been reduced in relation to the 63.2% in the first quarter of 2023 and the 53.8% at the end of 2023, estimated at 142.7 billion euros. The central bank adds that this is the ratio in relation to the Gross Domestic Product (GDP) "lowest observed since the first quarter of 2006". In a note released today, the BdP registers that Portugal's International Investment Position (IIP) presented, in the first quarter, its least negative ratio since the second quarter of 2005. In the period under analysis, the IIP continued to be negative, but lightened to -67.7% of GDP, against -80.3% one year earlier and -72.5% in the previous quarter. In nominal terms, this estimates Portugal's international investment position at around 182.5 billion euros, compared to 192.5 billion euros at the end of 2023. The variation in the IIP, according to the institution led by Mário Centeno, resulted from several factors, including positive price variations, valuations of net assets and exchange rate variations. If net asset transactions abroad influenced the IIP by 1,485 million euros, positive price valuations represented 7,584 million euros, highlighting the valuation of assets (2.4 billion euros, of which 2.2 billion euros in monetary gold) and the devaluation of liabilities (5.2 billion euros). Exchange rate variations contributed 680 million euros, driven by the appreciation of external assets in US dollars (close to 800 million euros), while other adjustments mobilised 276.6 million euros. According to the Portuguese central bank, of the 4.8 percentage point reduction in the negative ratio of the IIP in GDP, 3.7 percentage points resulted from the nominal variation of the IIP and 1.1 percentage points from GDP growth. Read Also: Portugal's debt interest rates rise to two, five and 10 years (Portuguese version)