Lisbon, Portugal street

Portugal Economic Data & Projections

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.

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

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%.

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

Main Economic Indicators

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.

Economic situation in Portugal

A preliminary release revealed that sequential economic growth remained stable at Q2’s 0.2% in Q3. The release noted that sturdy expansions in private spending and fixed investment more than offset a negative contribution from the external sector. That said, growth remained uninspiring, undershooting the Euro area average of 0.4%. Shifting to Q4, our panel expects the economy to be picking up pace, and early data supports this prediction. Economic sentiment climbed to an over two-year high in October, buoyed by renewed confidence in the construction sector. Moreover, confidence in the retail and services sectors rose, likely aided by ongoing monetary easing and low inflation, hinting at healthier private spending. In politics, Parliament approved the minority government’s 2025 budget proposal on its first reading on 31 October, boding well for political stability.

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.

Portugal Economic Indicators

2019 2020 2021 2022 2023
Population (million) 10.3 10.3 10.3 10.3 10.3
GDP (EUR bn) 214 201 216 244 267
GDP per capita (EUR) 20,853 19,523 21,029 23,687 25,914
Economic Growth (Nominal GDP, ann. var. %) 4.6 -6.3 7.7 12.7 9.6
Economic Growth (GDP, ann. var. %) 2.7 -8.2 5.6 7.0 2.5
Domestic Demand (ann. var. %) 3.2 -5.1 5.8 4.7 1.7
Private Consumption (ann. var. %) 3.6 -6.8 5.0 5.5 1.9
Government Consumption (ann. var. %) 2.1 0.4 3.8 1.7 0.6
Fixed Investment (ann. var. %) 5.5 -2.3 7.8 3.3 3.6
Exports (G&S, ann. var. %) 4.0 -18.3 12.0 17.2 3.5
Imports (G&S, ann. var. %) 5.1 -11.6 12.3 11.3 1.7
Industrial Production (ann. var. %) -2.5 -7.8 3.6 0.7 -3.1
Retail Sales (ann. var. %) 3.7 -5.3 5.1 5.4 1.1
Disposable Income (ann. var. %) 4.5 -0.9 5.6 8.9 7.2
Unemployment (% of active population, aop) 6.7 7.1 6.7 6.2 6.6
Fiscal Balance (% of GDP) 0.1 -5.8 -2.8 -0.3 1.2
Public Debt (% of GDP) 116.1 134.1 123.9 111.2 97.9
Inflation (HICP, ann. var. %, eop) 0.4 -0.3 2.8 9.8 1.9
Inflation (HICP, ann. var. %, aop) 0.3 -0.1 0.9 8.1 5.3
Inflation (PPI, ann. var. %, aop) -0.1 -3.3 7.8 18.9 0.0
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 2.50 4.50
ECB Overnight Deposit Rate (%, eop) -0.50 -0.50 -0.50 2.00 4.00
3-Month EURIBOR (%, eop) -0.38 -0.55 -0.57 2.13 3.91
10-Year Bond Yield (%, eop) 0.45 0.06 0.49 3.60 2.79
PSI-20 (var. %, eop) 10.2 -6.1 13.7 2.8 11.7
Exchange Rate (USD per EUR, eop) 1.12 1.22 1.14 1.07 1.10
Exchange Rate (USD per EUR, aop) 1.12 1.14 1.18 1.05 1.08
Current Account Balance (EUR bn) 1.7 -1.4 -1.4 -4.7 1.3
Current Account Balance (% of GDP) 0.8 -0.7 -0.7 -1.9 0.5
Merchandise Trade Balance (EUR bn) -16.3 -12.6 -16.0 -26.5 -25.5
Foreign Direct Investment (EUR bn) 10.9 6.3 8.5 9.2 6.5
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 X Download Fullscreen