Global InformationEconomy of Portugal information
 Parque das Nações, Lisbon, the financial center of Portugal. | |
| Currency | Euro (EUR, €) |
|---|---|
Fixed exchange rates | 1 euro = 200.482 Portuguese escudo |
Fiscal year | Calendar year |
Trade organisations | EU, WTO and OECD |
Country group |
|
| Statistics | |
| Population |  10,467,366 (2022)[3] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) |
|
Population below poverty line |
|
Gini coefficient |  33.7 medium (2022)[9] |
Human Development Index |
|
Labour force |
|
Labour force by occupation |
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| Unemployment |
|
Average gross salary | €1,670 / $1,846[17] monthly (2023/Q4) |
Average net salary | €1,148 / $1,269[17][18] monthly (2023/Q4) |
Main industries | textiles, clothing, footwear, wood and cork, paper, chemicals, auto-parts manufacturing, base metals, dairy products, wine and other foods, porcelain and ceramics, glassware, technology, telecommunications; ship construction and refurbishment; tourism, building materials |
| External | |
| Exports | €126.280 billion (2023)[19] |
Export goods | List
|
Main export partners |
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| Imports | €123.004 billion (2023)[19] |
Import goods | List
|
Main import partners |
|
FDI stock | 3.6% of GDP (2022)[22] |
Gross external debt | €398.714 billion (Sep 2023)[23]  |
| Public finances | |
Government debt |
|
Budget balance |
|
| Revenues | 43.5% of GDP (2023)[27] |
| Expenses | 42.3% of GDP (2023)[27] |
| Economic aid |
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Credit rating |
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Foreign reserves | $32.23 billion (2022)[31] |
All values, unless otherwise stated, are in US dollars. | |
The economy of Portugal is ranked 34th in the World Economic Forum's Global Competitiveness Report for 2019.[32] The great majority of the international trade is done within the European Union (EU), whose countries received 71.4% of the Portuguese exports and were the origin of 74.6% of the Portuguese imports in 2020.[33] The Portuguese currency is the euro (€) and the country has been a part of the Eurozone since its inception. Portugal's central bank is the Banco de Portugal, which forms part of the European System of Central Banks, and the major stock exchange is the Euronext Lisbon.[34]
The Portuguese economy has been steady, expanding continuously since the third quarter of 2014, with a yearly GDP growth of 1.5% registered in the second quarter of 2015.[35] The economy's growth has been accompanied by a continuous fall in the unemployment rate (6.3% in the first quarter of 2019, compared with 13.9% registered in the end of 2014). The government budget deficit has also been reduced from 11.2% of GDP in 2010 to 0.5% in 2018. These rates mark an inversion from the negative trends caused by the impact of the financial crisis of 2007–2008 in the Portuguese economy that made it to shrink for three consecutive years (2011, 2012, and 2013), accompanied by a high increase of the unemployment rate (that achieved a record of 17.7% in early 2013).[36] The crisis has caused a wide range of domestic problems that are specifically related to the levels of public deficit, as well as the excessive debt levels, in the economy. The problems culminated in the confirmation from Portugal to a €78 billion financial bailout from the EU in April 2011, following similar decisions from Greece and the Republic of Ireland. The government that assumed office in June 2011 had to face tough choices in regard to its attempts to stimulate the economy while at the same time seeking to maintain its public deficit around the EU average.[37]
Portugal is home to a number of notable leading companies with worldwide reputations, such as The Navigator Company, a major world player in the international paper market; Sonae Indústria, the largest producer of wood-based panels in the world; Corticeira Amorim, the world leader in cork production; Conservas Ramirez, the oldest canned food producer;[38] Cimpor, one of the world's 10th largest producers of cement; EDP Renováveis, the 3rd largest producer of wind energy in the world; Jerónimo Martins, consumer products manufacturer and retail market leader in Portugal, Poland and Colombia; TAP Air Portugal, highly regarded for its safety record, and one of the leading airlines linking Europe with Africa and Latin America (especially Brazil).
Education in Portugal has been in gradual modernization and relative expansion since the 1960s, achieving recognition for its world-standard practices and trends in the 21st century. According to the Programme for International Student Assessment (PISA) 2015, the average Portuguese 15-year-old student, when rated in terms of reading literacy, mathematics and science knowledge, is placed significantly above the OECD's average.[39][40] Portugal is home to several world class universities and business schools that have been contributing to the creation of a number of highly renowned international managers[41] and are attracting an increasing number of foreign students.[42] Portugal has the highest emigration rate as a proportion of population in the European Union. More than two million Portuguese people (20% of the population) now live outside the country.[43]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "População residente aumenta mais de 46 mil pessoas - 2022". ine.pt. INE. Retrieved 15 June 2023.
- ^ a b c d e f g "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved 16 April 2024.
- ^ "Portugal: Share of economic sectors in gross domestic product (GDP) from 2010 to 2020". www.statista.com. Statista. Retrieved 20 April 2022.
- ^ "Taxa de variação homóloga do IPC estimada em 2,3% - Janeiro de 2024". www.ine.pt. INE. Retrieved 12 February 2024.
- ^ "Taxa de variação homóloga do IPC estimada em 1,4%. Taxa de variação média estimada em 4,3% - Dezembro de 2023". www.ine.pt. INE. Retrieved 12 February 2024.
- ^ "INE confirma inflação média anual de 7,8% em 2022, um máximo de 30 anos". www.eco.pt. ECO. 11 January 2023. Retrieved 24 March 2023.
- ^ a b c "A taxa de risco de pobreza aumentou para 17,0% em 2022 - 2023". www.ine.pt. INE. Retrieved 12 February 2024.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 17 November 2022.
- ^ "População activa (Série 2021 - N.º) por Local de residência (NUTS - 2013), Sexo, Grupo etário e Nível de escolaridade mais elevado completo; Trimestra". www.ine.pt. INE. Retrieved 20 April 2022.
- ^ "Employment rate, aged 20 to 64, by sex". www.pordata.pt. Eurostat, Pordata. Retrieved 20 April 2022.
- ^ "Portugal: Distribution of employment by economic sector from 2009 to 2019". www.statista.com. Statista. Retrieved 20 April 2022.
- ^ "Taxa de desemprego (Série 2021 - %) por Local de residência (NUTS - 2013) e Sexo; Trimestral". www.ine.pt. INE. Retrieved 18 November 2023.
- ^ "Taxa de desemprego aumentou para 6,6% no 4.º trimestre de 2023 e para 6,5% em 2023 - 4.º Trimestre de 2023". www.ine.pt. INE. Retrieved 12 February 2024.
- ^ a b "Em termos reais, a remuneração bruta total mensal média por trabalhador aumentou 4,0%. Em 2023, aumentou 2,3% - 4.º Trimestre de 2023". Statistics Portugal - Web Portal.
- ^ "Cálculo do salário líquido em 2023 (Atualizado a maio 2023)".
- ^ a b "Balança comercial em Portugal" (in Portuguese). 2018. Retrieved 18 November 2018.
- ^ "Exportações de bens: total e por principais países parceiros comerciais". pordata.pt. Pordata. Retrieved 20 April 2022.
- ^ "Importações de bens: total e por principais países parceiros comerciais". pordata.pt. Pordata. Retrieved 20 April 2022.
- ^ "Foreign direct investment, net inflows (% of GDP) - Portugal". Retrieved 20 April 2022.
- ^ "Gross External Debt Position". Banco de Portugal. Retrieved 22 April 2022.
- ^ "Procedimento dos Défices Excessivos 1ª Notificação". www.ine.pt. INE. Retrieved 25 March 2024.
- ^ "General Government: gross debt". www.pordata.pt. Pordata. Retrieved 20 April 2022.
- ^ "General Government: expenditure, revenue and net lending/net borrowing". www.pordata.pt. Pordata. Retrieved 20 April 2022.
- ^ a b c "General Government: expenditure, revenue and net lending/net borrowing as % of GDP". www.pordata.pt. Pordata. Retrieved 20 April 2022.
- ^ "Archived copy" (PDF). Archived (PDF) from the original on 26 December 2014. Retrieved 25 December 2017.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ a b c d e "Ratings". IGCP - Agência de Gestão da Tesouraria e da Dívida Pública. 2022. Retrieved 20 April 2022.
- ^ "Total reserves (includes gold, current US$) - Portugal". World Bank. Retrieved 20 April 2022.
- ^ "The Global Competitiveness Report 2019" (PDF).
- ^ "Portugal - Country Profile" (PDF). AICEP Portugal Global.
- ^ "Euronext". Investopedia. Retrieved 20 June 2023.
- ^ "Portugal Economic Outlook". Focus Economics. 17 August 2015. Retrieved 28 July 2015.
- ^ Joao Lima (9 May 2013). "Portugal's Unemployment Rate Climbs to Record for Euro Era". Bloomberg. Bloomberg L.P. Retrieved 12 May 2013.
- ^ "CIA – The World Factbook". Cia.gov. Retrieved 17 August 2015.
- ^ "Conservas A Ramirez, Portugal's oldest brand, opens nutrition center, Inside Portugal Travel, 2009". insideportugaltravel.com. Archived from the original on 4 March 2016. Retrieved 14 December 2017.
- ^ "Testes PISA: Portugal supera média da OCDE". Visão (in Portuguese).
- ^ "E agora no PISA: alunos portugueses melhoram a ciências, leitura e matemática". Expresso (in Portuguese). Archived from the original on 13 December 2018. Retrieved 28 July 2018.
- ^ "Management: The Portuguese who sit at the top of the world". Portugal Daily View. Archived from the original on 14 December 2017. Retrieved 14 December 2017.
- ^ "Portugal: mais de 7 mil vagas para estudantes estrangeiros em 2015 • Emprego Pelo Mundo, August 2014". empregopelomundo.com. 5 August 2014. Archived from the original on 15 December 2017. Retrieved 14 December 2017.
- ^ "portugal's emigration rate tied to its unemployment rate - Google Search". google.com. Retrieved 14 December 2017.