Economy - overview:
Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country joined the Economic and Monetary Union in 1999 and began circulating the euro on 1 January 2002 along with 11 other EU members.The economy grew by more than the EU average for much of the 1990s, but the rate of growth slowed in 2001-08. After the global financial crisis in 2008, Portugal’s economy contracted in 2009 and fell into recession from 2011 to 2013, as the government implemented spending cuts and tax increases to comply with conditions of an EU-IMF financial rescue package, signed in May 2011. Portugal successfully exited its EU-IMF program in May 2014, and its economic recovery gained traction in 2015 because of strong exports and a rebound in private consumption. GDP growth accelerated in 2016, and probably reached 2.5 % in 2017. Unemployment remained high, at 9.7% in 2017, but has improved steadily since peaking at 18% in 2013.The center-left minority Socialist government has unwound some unpopular austerity measures while managing to remain within most EU fiscal targets. The budget deficit fell from 11.2% of GDP in 2010 to 1.8% in 2017, the country’s lowest since democracy was restored in 1974, and surpassing the EU and IMF projections of 3%. Portugal exited the EU’s excessive deficit procedure in mid-2017.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$311.3 billion (2017 est.)
$303.8 billion (2016 est.)
$299.6 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 56
$211.7 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
2.5% (2017 est.)
1.4% (2016 est.)
1.6% (2015 est.)
country comparison to the world: 136
[see also: GDP - real growth rate country ranks ]
$30,300 (2017 est.)
$29,400 (2016 est.)
$28,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 65
17% of GDP (2017 est.)
15.8% of GDP (2016 est.)
15.5% of GDP (2015 est.)
country comparison to the world: 109
[see also: Gross national saving country ranks ]
household consumption: 65.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 15.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 42.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -41.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 2.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish
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
1% (2017 est.)
country comparison to the world: 170
[see also: Industrial production growth rate country ranks ]
5.233 million (2017 est.)
country comparison to the world: 80
[see also: Labor force country ranks ]
agriculture: 8.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]
9.7% (2017 est.)
11.1% (2016 est.)
country comparison to the world: 134
[see also: Unemployment rate country ranks ]
19% (2015 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.9% (2015 est.)
33.9 (2015 est.)
34 (2014 est.)
country comparison to the world: 102
[see also: Distribution of family income - Gini index country ranks ]
revenues: $92.99 billion
[see also: Budget - revenues country ranks ]
expenditures: $96.83 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
43.9% of GDP (2017 est.)
country comparison to the world: 25
[see also: Taxes and other revenues country ranks ]
-1.8% of GDP (2017 est.)
country comparison to the world: 80
[see also: Budget surplus (+) or deficit (-) country ranks ]
127.7% of GDP (2017 est.)
130.4% of GDP (2016 est.)
note: data cover general government debt, and includes 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 intra-governmental debt; intra-governmental 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
country comparison to the world: 6
[see also: Public debt country ranks ]
calendar year
1.6% (2017 est.)
0.6% (2016 est.)
country comparison to the world: 68
[see also: Inflation rate (consumer prices) country ranks ]
0% (2016)
0.05% (2015)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 152
[see also: Central bank discount rate country ranks ]
3.5% (31 December 2017 est.)
3.77% (31 December 2016 est.)
country comparison to the world: 164
[see also: Commercial bank prime lending rate country ranks ]
$106.5 billion (31 December 2017 est.)
$81.15 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 38
[see also: Stock of narrow money country ranks ]
$216 billion (31 December 2017 est.)
$173.9 billion (31 December 2016 est.)
country comparison to the world: 38
[see also: Stock of broad money country ranks ]
$343.3 billion (31 December 2017 est.)
$311.5 billion (31 December 2016 est.)
country comparison to the world: 35
[see also: Stock of domestic credit country ranks ]
$59.84 billion (31 December 2015 est.)
$57.77 billion (31 December 2014 est.)
$79.18 billion (31 December 2013 est.)
country comparison to the world: 46
[see also: Market value of publicly traded shares country ranks ]
$888 million (2017 est.)
$1.462 billion (2016 est.)
country comparison to the world: 41
[see also: Current account balance country ranks ]
$62.6 billion (2017 est.)
$54.76 billion (2016 est.)
country comparison to the world: 45
[see also: Exports country ranks ]
agricultural products, foodstuffs, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools, base metals
Spain 26.2%, France 12.6%, Germany 11.7%, UK 7%, US 4.9% (2016)
$74.32 billion (2017 est.)
$64.79 billion (2016 est.)
country comparison to the world: 42
[see also: Imports country ranks ]
agricultural products, chemical products, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semiconductors and related devices, oil products, base metals, food products, textile materials
Spain 32.8%, Germany 13.5%, France 7.8%, Italy 5.5%, Netherlands 5.1% (2016)
$25.13 billion (31 December 2016 est.)
$19.4 billion (31 December 2015 est.)
country comparison to the world: 54
[see also: Reserves of foreign exchange and gold country ranks ]
$449 billion (31 March 2016 est.)
$447 billion (31 March 2015 est.)
country comparison to the world: 29
[see also: Debt - external country ranks ]
$158.9 billion (31 December 2017 est.)
$147.1 billion (31 December 2016 est.)
country comparison to the world: 34
[see also: Stock of direct foreign investment - at home country ranks ]
$89.06 billion (31 December 2017 est.)
$84.73 billion (31 December 2016 est.)
country comparison to the world: 37
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
0.906 (2017 est.)
0.9214 (2016 est.)
0.9214 (2015 est.)
0.7525 (2014 est.)
0.7634 (2013 est.)