Lisbon, Portugal street

Portugal Economy

Portugal's economy in numbers:

Nominal GDP of USD 255 billion in 2022.

GDP per capita of USD 24,793 compared to the global average of USD 10,589.

Average real GDP growth of 1.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 79% of overall GDP, manufacturing 12%, other industrial activity 7%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 64% of GDP in 2021, government consumption 19%, fixed investment 20%, and net exports -3%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 76% of total merchandise exports, mineral fuels 6%, food 13%, ores and metals 3% and agricultural raw materials 2%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 70% of total merchandise imports, mineral fuels 12%, food 14%, ores and metals 3% and agricultural raw materials 2%, with other goods accounting for -1% of the total. Total exports were worth USD 82 billion in 2022, while total imports were USD 115 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.2% in the decade to 2022. To read more about GDP growth in Portugal, go to our dedicated page.

Fiscal policy:

Portugal's fiscal deficit averaged 3.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 10.5% in the decade to 2022. For more information on Portugal's unemployment click here.

Inflation:

Inflation averaged 1.5% in the decade to 2022. Go to our Portugal inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Portugal monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
The economy contracted quarter on quarter in Q3, weighed on by the temporary closure of a large Volkswagen factory in September. In particular, the industrial and external sectors contracted, while strong domestic demand capped the downturn. Our Consensus is for a mild rebound in Q4, spearheaded by the industrial sector. Monthly industrial output growth rose to a 12-month high in November. Additionally, retail sales increased at a fast monthly clip in November amid a two-year low in inflation, boding well for the private spending outturn in Q4. In other news, Portugal has recently approved changes to the golden visa scheme, which could tame housing prices while supporting capital and research investments. Moreover, on 12 January, the country unlocked over EUR 700 million in EU funds to launch its first high-speed railway, which will promote investment and construction activity.
Projections out to 2033.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 25 expert analysts.

Want to get insight on the economic outlook for Portugal in the coming years? FocusEconomics collects projections out to 2033 on 48 economic indicators for Portugal from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Portugal economy. To download a sample report on the Portugal's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Portugal Economic Data

2018 2019 2020 2021 2022
Population (million) 10.3 10.3 10.3 10.3 10.3
GDP (EUR bn) 205 214 201 216 242
GDP per capita (EUR) 19,952 20,841 19,474 21,001 23,588
Economic Growth (Nominal GDP, ann. var. %) 4.7 4.5 -6.5 7.7 12.2
Economic Growth (GDP, ann. var. %) 2.8 2.7 -8.3 5.7 6.8
Domestic Demand (ann. var. %) 3.2 3.1 -5.4 5.9 4.4
Private Consumption (ann. var. %) 2.7 3.4 -7.1 4.8 5.6
Government Consumption (ann. var. %) 0.6 2.1 0.3 4.5 1.4
Fixed Investment (ann. var. %) 6.2 5.4 -2.2 8.1 3.0
Exports (G&S, ann. var. %) 4.1 4.1 -18.6 12.3 17.4
Imports (G&S, ann. var. %) 5.0 4.9 -11.8 12.2 11.1
Industrial Production (ann. var. %) 0.1 -2.3 -7.0 3.0 0.3
Retail Sales (ann. var. %) 4.1 4.4 -3.1 4.4 4.3
Disposable Income (ann. var. %) 4.3 4.6 -1.1 5.2 8.2
Unemployment (% of active population, aop) 7.2 6.7 7.1 6.7 6.2
Fiscal Balance (% of GDP) -0.3 0.1 -5.8 -2.9 -0.3
Public Debt (% of GDP) 121.5 116.6 134.9 124.5 112.4
Inflation (HICP, ann. var. %, eop) 0.6 0.4 -0.3 2.8 9.8
Inflation (HICP, ann. var. %, aop) 1.2 0.3 -0.1 0.9 8.1
Inflation (PPI, ann. var. %, aop) 2.7 0.0 -4.2 8.9 20.5
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
10-Year Bond Yield (%, eop) 1.72 0.45 0.06 0.49 3.60
PSI-20 (var. %, eop) -12.2 10.2 -6.1 13.7 2.8
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) 1.1 0.9 -2.1 -1.6 -2.8
Current Account Balance (% of GDP) 0.6 0.4 -1.0 -0.8 -1.1
Merchandise Trade Balance (EUR bn) -15.6 -16.3 -12.5 -16.0 -26.4
Foreign Direct Investment (EUR bn) 6.3 10.9 6.3 8.5 8.5

Free Sample Report

Interested in Portugal economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest