Economy - overview:
Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country joined the Economic and Monetary Union in 1999 and began circulating the euro on 1 January 2002 along with 11 other EU members.

The economy grew by more than the EU average for much of the 1990s, but the rate of growth slowed in 2001-08. After the global financial crisis in 2008, Portugal’s economy contracted in 2009 and fell into recession from 2011 to 2013, as the government implemented spending cuts and tax increases to comply with conditions of an EU-IMF financial rescue package, signed in May 2011. Portugal successfully exited its EU-IMF program in May 2014, and its economic recovery gained traction in 2015 because of strong exports and a rebound in private consumption. GDP growth accelerated in 2016, and probably reached 2.5 % in 2017. Unemployment remained high, at 9.7% in 2017, but has improved steadily since peaking at 18% in 2013.

The center-left minority Socialist government has unwound some unpopular austerity measures while managing to remain within most EU fiscal targets. The budget deficit fell from 11.2% of GDP in 2010 to 1.8% in 2017, the country’s lowest since democracy was restored in 1974, and surpassing the EU and IMF projections of 3%. Portugal exited the EU’s excessive deficit procedure in mid-2017.

GDP (purchasing power parity):
$314.1 billion (2017 est.)
$305.9 billion (2016 est.)
$301 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: GDP country ranks ]

GDP (official exchange rate):
$218 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.7% (2017 est.)
1.6% (2016 est.)
1.8% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 126
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$30,500 (2017 est.)
$29,600 (2016 est.)
$29,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 67
[see also: GDP - per capita country ranks ]

Gross national saving:
16.8% of GDP (2017 est.)
16.1% of GDP (2016 est.)
15.9% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 124
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.6% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16.2% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 43.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -42.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.1% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish

Industries:
textiles, clothing, footwear, wood and cork, paper and pulp, chemicals, fuels and lubricants, automobiles and auto parts, base metals, minerals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine, other foodstuffs; ship construction and refurbishment; tourism, plastics, financial services, optics

Industrial production growth rate:
3.5% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 89
[see also: Industrial production growth rate country ranks ]

Labor force:
5.233 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 80
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 8.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.9% (2017 est.)
11.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 127
[see also: Unemployment rate country ranks ]

Population below poverty line:
19% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.9% (2015 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
33.9 (2015 est.)
34 (2014 est.)
country comparison to the world (CIA rank, may be based on non-current data): 108
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 93.55 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 100 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
42.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 29
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 134
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
125.7% of GDP (2017 est.)
129.9% of GDP (2016 est.)
note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.6% (2017 est.)
0.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0% (2016)
0.05% (2015)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world (CIA rank, may be based on non-current data): 159
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.21% (31 December 2017 est.)
3.77% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 171
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$106.8 billion (31 December 2017 est.)
$81.15 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world (CIA rank, may be based on non-current data): 38
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$106.8 billion (31 December 2017 est.)
$81.15 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 38
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$356.8 billion (31 December 2017 est.)
$311.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 32
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$59.84 billion (31 December 2015 est.)
$57.77 billion (31 December 2014 est.)
$79.18 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 47
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$993 million (2017 est.)
$1.218 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Current account balance country ranks ]

Exports:
$61 billion (2017 est.)
$54.76 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 47
[see also: Exports country ranks ]

Exports - partners:
Spain 25.2%, France 12.5%, Germany 11.3%, UK 6.6%, US 5.2%, Netherlands 4% (2017)

Exports - commodities:
agricultural products, foodstuffs, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools, base metals

Imports:
$74.73 billion (2017 est.)
$64.98 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, chemical products, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semiconductors and related devices, oil products, base metals, food products, textile materials

Imports - partners:
Spain 32%, Germany 13.7%, France 7.4%, Italy 5.5%, Netherlands 5.4% (2017)

Reserves of foreign exchange and gold:
$26.11 billion (31 December 2017 est.)
$19.4 billion (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$449 billion (31 March 2016 est.)
$447 billion (31 March 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 27
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$185.7 billion (31 December 2017 est.)
$147.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 33
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$103.1 billion (31 December 2017 est.)
$84.73 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 34
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.7525 (2014 est.)
0.7634 (2013 est.)