Unemployment in Portugal

Portugal Unemployment | Economic News & Forecasts

Portugal - Unemployment

The economy should have recovered somewhat in Q3, although the fallout from the pandemic continued to weigh on activity. Available data shows that industrial production returned to growth in August after declining in July. Moreover, in July–August retail sales shrank at a softer pace than in Q2. However, tourism revenues were still down severely in the same two-month period. Turning to Q4, a surge in cases and implementation of some new restrictions in mid-October bodes ill for activity. In other news, on 12 October the government submitted the draft 2021 budget to parliament. The plan sees a reduction in expenditure to 47.8% of GDP (2020: 49.9%), due to a reduced need for fiscal support as the economy rebounds. The budget aims to strike a balance between supporting the recovery—the government will boost investment and subsidies for lower-income workers—and containing the fiscal deficit.

Portugal - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate12.4  11.1  8.9  7.0  6.6  

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Portugal Unemployment Chart


Portugal Unemployment
Note: Unemployment in % of active population.
Source: Statistics Portugal (INE).

Portugal Facts

Value Change Date
Bond Yield0.45-1.90 %Jan 01
Exchange Rate1.120.65 %Dec 31

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