Countries
Portugal
Key Economic Indicators
$552.7 billion
$51,680
2.14%
2.42%
6.16%
$308.683 billion (2024 est.)
<strong>note:</strong> data cover general government debt and include debt instr
$6.51 billion
Economic Overview
<p>high-income EU and eurozone economy; strong services sector led by tourism and banking; tight labor market; growth driven by private consumption, trade surplus, and public investment from EU funds; declining public debt</p>
All Economic Data
Agricultural products
milk, tomatoes, olives, grapes, maize, pork, potatoes, chicken, apples, oranges (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
3.1% of household expenditures (2023 est.)
On food:
17.3% of household expenditures (2023 est.)
Budget
Expenditures:
$109.044 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$112.802 billion (2023 est.)
Currency
code:
EUR
name:
euro (EUR) [€]
Current account balance
$6.51 billion
Current account balance 2022:
-$5.356 billion (2022 est.)
Current account balance 2023:
$1.624 billion (2023 est.)
Current account balance 2024:
$6.708 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
euros (EUR) per US dollar -
Exchange rates 2020:
0.876 (2020 est.)
Exchange rates 2021:
0.845 (2021 est.)
Exchange rates 2022:
0.95 (2022 est.)
Exchange rates 2023:
0.925 (2023 est.)
Exchange rates 2024:
0.924 (2024 est.)
Exports
$143.39 billion
Exports 2022:
$126.953 billion (2022 est.)
Exports 2023:
$137.934 billion (2023 est.)
Exports 2024:
$144.237 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
cars, garments, vehicle parts/accessories, unpackaged medicine, refined petroleum (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Spain 21%, France 11%, Germany 10%, USA 8%, UK 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$13.49 billion
GDP - composition, by end use
Exports of goods and services:
47.5% (2023 est.)
Government consumption:
16.8% (2023 est.)
Household consumption:
62% (2023 est.)
Imports of goods and services:
-46.4% (2023 est.)
Investment in fixed capital:
20.1% (2023 est.)
Investment in inventories:
0.4% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
2% (2024 est.)
Industry:
18.4% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
66.4% (2024 est.)
GDP (official exchange rate)
$308.683 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$29,292
Gini Index coefficient - distribution of family income
33.5 (2018)
Gini Index coefficient - distribution of family income 2022:
36.3 (2022 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$307.37 billion
GNI per capita
$26,910
Gross domestic investment
20 % of GDP
Household income or consumption by percentage share
Highest 10%:
28.8% (2022 est.)
Lowest 10%:
2.5% (2022 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$137.6 billion
Imports 2022:
$132.193 billion (2022 est.)
Imports 2023:
$133.617 billion (2023 est.)
Imports 2024:
$136.976 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, crude petroleum, vehicle parts/accessories, refined petroleum, garments (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Spain 33%, Germany 11%, France 7%, Netherlands 5%, China 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
1.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
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
Inflation rate (consumer prices)
2.42%
Inflation rate (consumer prices) 2022:
7.8% (2022 est.)
Inflation rate (consumer prices) 2023:
4.3% (2023 est.)
Inflation rate (consumer prices) 2024:
2.4% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
5.464 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
5.42 million persons
Labor force - by occupation
agriculture:
2.78%
industry:
24.55%
services:
72.67%
Population below poverty line
16.4% (2021 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<strong>note:</strong> 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 debt 2017:
125.7% of GDP (2017 est.)
Real GDP (purchasing power parity)
$552.7 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$428.547 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$439.745 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$448.226 billion (2024 est.)
Real GDP growth rate
2.14%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
7% (2022 est.)
Real GDP growth rate 2023:
2.6% (2023 est.)
Real GDP growth rate 2024:
1.9% (2024 est.)
Real GDP per capita
$51,680
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$41,100 (2022 est.)
Real GDP per capita 2023:
$41,600 (2023 est.)
Real GDP per capita 2024:
$41,900 (2024 est.)
Remittances
$1.84 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.6% of GDP (2022 est.)
Remittances 2023:
0.6% of GDP (2023 est.)
Remittances 2024:
0.6% of GDP (2024 est.)
Reserves of foreign exchange and gold
$42.43 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$32.232 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$35.243 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$42.434 billion (2024 est.)
Revenue (excl grants)
37 % of GDP
Tax revenue
23 % of GDP
Taxes and other revenues
22.8% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
6.16%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
6.1% (2022 est.)
Unemployment rate 2023:
6.6% (2023 est.)
Unemployment rate 2024:
6.4% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
20.7% (2024 est.)
Male:
21.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
21.2% (2024 est.)
Economic Rankings
Exports
#38
Imports
#39
GDP per Capita
#41
GDP (Nominal)
#45
GDP Growth Rate
#47
Reserves
#49
GDP (PPP)
#50
Unemployment Rate
#73
Gini Index
#95
Inflation Rate
#110
Quick Facts
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, telecomm
Agricultural products
milk, tomatoes, olives, grapes, maize, pork, potatoes, chicken, apples, oranges (2023)
Labor force
5.464 million (2024 est.)
Exports - partners
Spain 21%, France 11%, Germany 10%, USA 8%, UK 5% (2023)
Imports - partners
Spain 33%, Germany 11%, France 7%, Netherlands 5%, China 5% (2023)
Exchange rates
euros (EUR) per US dollar -
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