Portugal's Macroeconomic Analysis:
Nominal GDP of USD 255 billion in 2022.
Nominal GDP of USD 289 billion in 2023.
GDP per capita of USD 28,043 compared to the global average of USD 10,589.
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.
Average real GDP growth of 1.7% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Portugal
A second release confirmed that sequential GDP growth was stable at Q2’s 0.2% in Q3. Private spending gained momentum on faster real wage growth and interest rate cuts, offsetting the negative impact of decelerating fixed investment and a sharper deterioration in net trade. Shifting to Q4, our panelists see economic growth accelerating from Q3, and available data bears out this prediction. In October, industrial output improved from Q3’s level on recoveries in manufacturing and energy supply. Moreover, private spending likely benefited from low inflation and laxer financing conditions in October–November; retail sales gained traction in October from Q3. Moreover, economic sentiment strengthened through November, buoyed by renewed confidence in the construction sector and stronger confidence in the retail and services sectors compared to the prior quarter.Portugal Economic Forecasts
Projections out to 2034.48 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 26 expert analysts.
Want to get insight on the economic outlook for Portugal in the coming years? FocusEconomics collects projections out to 2034 on 48 economic indicators for Portugal from a panel of 26 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.