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Portugal

Includes Portugal real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Portugal economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Portugal best banks and safest banks are also available.

Basic Information

Government Type: Semi-presidential republic

Capital City: Lisbon

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Portugal

Currency Euros (EUR)

International Reserves USD 29.46 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product – GDP USD 251.71 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (Purchasing Power Parity) USD 376.09 billion (2021 estimate)
IMF – World Economic Outlook, October 2021

GDP Data

Real GDP growth 2017 3.5%
2018 2.8%
2019 2.7%
2020 –8.4% (Estimate)
2021 4.4% (Estimate)
GDP per capita – current prices USD 24,457.14 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP per capita – PPP USD 36,542.63 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (PPP) – share of world total 0.26% (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP – composition by sector agriculture: 2.0%
industry: 19.2%
services: 66.1%
(2020 estimate)
Gross domestic expenditure on R&D; (% of GDP) 1.4% (2019)

Inflation 2017 1.6%
2018 1.2%
2019 0.3%
2020 –0.1% (Estimate)
2021 1.2% (Estimate)

Inflation & Debt

Inflation 2017 1.6%
2018 1.2%
2019 0.3%
2020 –0.1% (Estimate)
2021 1.2% (Estimate)
Government Bond Ratings
Standard & Poor’s: BBB

Moody’s: Baa2

Standard & Poor’s / Moody’s (January 2022)
Unemployment rate 2017 9.2%
2018 7.2%
2019 6.6%
2020 7% (Estimate)
2021 6.9% (Estimate)
Household saving rates 3.5% (2020)

Public debt (General government gross debt as a % of GDP) 2017 126.1%
2018 121.5%
2019 116.6%
2020 135.2% (Estimate)
2021 130.8% (Estimate)
Public deficit (General government net lending/borrowing as a % of GDP) 2017 0.7%
2018 2.9%
2019 2.9%
2020 –3% (Estimate)
2021 –2.3% (Estimate)
Market value of publicly traded shares USD 61.9 billion (2018)
Largest Companies Edp-energias De Portugal, Jeronimo Martins, Galp Energia, Banco Comercial Portugues
Forbes Global 2000 (2021)

Import/Export

Exports as percent of GDP (Exports of goods and services) 37% (2020)
World Bank – World Development Indicators (updated Feb 2022)
Shares in world total merchandising export 0.35% (2020)
Shares in world total commercial services export 0.5% (2020)
Total exports USD 85.2 billion (2020 estimate)
Export commodities Cars and vehicle parts, refined petroleum, leather footwear, paper products, tires (2019)

Total imports USD 89.2 billion (2020 estimate)

Import commodities Cars and vehicle parts, crude petroleum, aircraft, packaged medicines, refined petroleum, natural gas (2019)

Exports – major partners Spain 23%, France 13%, Germany 12%, United Kingdom 6%, United States 5% (2019)

Imports – major partners Spain 29%, Germany 13%, France 9%, Italy 5%, Netherlands 5% (2019)

Competitiveness & Trade

Current account balance USD -4.2 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
Current account balance by percentage of GDP
-1.7% (2021 estimate)
IMF – World Economic Outlook, October 2021
FDI inflows 2019 USD 7.1 billion
2020 USD 12.1 billion
2021 USD 6.3 billion
FDI Outflows 2019 USD 799 million
2020 USD 3.3 billion
2021 USD 2.3 billion
Value of cross-border M&A, by country of purchaser 2015 USD -2.5 billion
2016 USD 544 million
2017 USD -829 million
2018 USD 1.2 billion
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 39 out of 190 countries (2020)

Starting a Business: 63 out of 190 countries
Dealing with Construction Permits: 60 out of 190 countries
Getting Electricity: 52 out of 190 countries
Registering Property: 35 out of 190 countries
Getting Credit: 119 out of 190 countries
Protecting Minority Investors: 61 out of 190 countries
Paying Taxes: 43 out of 190 countries
Trading across Borders: 1 out of 190 countries
Enforcing Contracts: 38 out of 190 countries
Resolving Insolvency: 15 out of 190 countries
World Bank – Doing Business 2020
Global competitiveness ranking 34 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 31 / Score: 70.8 (Mostly Free)
The Heritage Foundation – 2022 Index of Economic Freedom

Population & Geographic Data

Time Zone UTC 0

Total Area 92,090 sq km

Total Population 1990 9.98 million
2000 10.29 million
2010 10.57 million
2015 10.36 million
2020 10.31 million
Urban population as % of total population 1960 35.0%
1980 42.8%
2000 54.4%
2020 66.3%
Population median age 44.6 years (2022 estimate)
Population growth rate -0.2% (2022 estimate)
Life expectancy 81.5 years (2022 est.)

% of population living on less than $3.10 a day 0.2% (last available estimate, 2019)

Inequality of wealth distribution (Gini index) 32.8 (last available estimate, 2019)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Total score: 95/100

Status: Free

Political Rights: 39/40

Civil Liberties: 56/60 (2022)
Total telephone subscribers as % of population Fixed: 51.1%

Mobile: 116.3% (2020)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 78.3% (2020)

Language & Religon

Languages Portuguese (official), Mirandese (official, but locally used)

Literacy Total population: 96.1%

Male: 97.4%

Female: 95.1% (2018)

Definition: age 15 and over can read and write
Religions Roman Catholic 81%, other Christian 3.3%, other (includes Jewish, Muslim) 0.6%, none 6.8%, unspecified 8.3% (2011 est.)

World Rankings

Population 10.31 M
Mercer Cost of living index N/A
C02 Emissions per capita 4.8 metric tons per capita (2018)

Global Finance Rankings & Awards: Portugal

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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