Portugal Economy - 2024

Economic overview

fast-growing, high-income European economy; EU and NATO member; heavy Chinese infrastructure ownership; key tourism, banking, and telecommunications sectors; declining populations; major energy exporter

Real GDP (purchasing power parity)

$347.694 billion (2021 est.)
$329.623 billion (2020 est.)
$359.46 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.48% (2021 est.)
-8.3% (2020 est.)
2.68% (2019 est.)

Real GDP per capita

$33,700 (2021 est.)
$32,000 (2020 est.)
$34,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$237.698 billion (2019 est.)

Inflation rate (consumer prices)

1.27% (2021 est.)
-0.01% (2020 est.)
0.34% (2019 est.)

Credit ratings

Fitch rating: BBB (2007)

Moody's rating: Baa3 (2018)

Standard & Poors rating: BBB (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.2% (2017 est.)

industry: 22.1% (2017 est.)

services: 75.7% (2017 est.)

GDP - composition, by end use

household consumption: 65.1% (2017 est.)

government consumption: 17.6% (2017 est.)

investment in fixed capital: 16.2% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 43.1% (2017 est.)

imports of goods and services: -42.1% (2017 est.)

Agricultural products

milk, tomatoes, olives, grapes, maize, potatoes, pork, apples, oranges, poultry

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

5.63% (2021 est.)

Labor force

5.174 million (2021 est.)

Unemployment rate

6.65% (2021 est.)
6.79% (2020 est.)
6.46% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 23.1% (2021 est.)

male: 20.6%

female: 26.2%

Population below poverty line

17.2% (2018 est.)

Gini Index coefficient - distribution of family income

32.8 (2019 est.)

Average household expenditures

on food: 16.6% of household expenditures (2018 est.)

on alcohol and tobacco: 3.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 25.9% (2015 est.)

Remittances

0.31% of GDP (2021 est.)
0.32% of GDP (2020 est.)
0.26% of GDP (2019 est.)

Budget

revenues: $102.052 billion (2019 est.)

expenditures: $101.854 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3% (of GDP) (2017 est.)

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

Taxes and other revenues

22.04% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.987 billion (2021 est.)
-$2.292 billion (2020 est.)
$1.013 billion (2019 est.)

Exports

$105.648 billion (2021 est.) note: data are in current year dollars
$85.128 billion (2020 est.) note: data are in current year dollars
$104.846 billion (2019 est.) note: data are in current year dollars

Exports - partners

Spain 26%, France 12%, Germany 12%, United States 6%, United Kingdom 5% (2021)

Exports - commodities

cars and vehicle parts, refined petroleum, leather footwear, tires, paper (2021)

Imports

$112.413 billion (2021 est.) note: data are in current year dollars
$89.515 billion (2020 est.) note: data are in current year dollars
$103.009 billion (2019 est.) note: data are in current year dollars

Imports - partners

Spain 31%, Germany 12%, France 6%, Italy 5%, Netherlands 5% (2021)

Imports - commodities

crude petroleum, cars and vehicle parts, refined petroleum, packaged medicines, natural gas (2021)

Reserves of foreign exchange and gold

$32.535 billion (31 December 2021 est.)
$29.46 billion (31 December 2020 est.)
$25.003 billion (31 December 2019 est.)

Debt - external

$462.431 billion (2019 est.)
$483.206 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)