Portugal - Economy
How is the economy of Portugal? Based on the information we have, Portugal has a high-income EU and eurozone economy; strong services sector led by tourism and banking; tight labor market; private consumption and export recovery driving post-inflation rebound; EU Recovery and Resilience Plan (RRP) funds a key driver of public investment; high public debt but improving fiscal position. Key agricultural products in this country include: milk, tomatoes, grapes, olives, maize, oranges, pork, potatoes, chicken, apples (2022).
More about the economy of Portugal
| Labor force | 5.419 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.13% (2023 est.) |
| 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 |
| Population below poverty line | 16.4% (2021 est.) |
| Taxes and other revenues | 23.05% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $462.431 billion (2019 est.) |
| Debt - external 2018 | $483.206 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $35.243 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $32.232 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $32.535 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $3.974 billion (2023 est.) |
| Current account balance 2022 | -$3.108 billion (2022 est.) |
| Current account balance 2021 | -$2.987 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 125.7% of GDP (2017 est.) |
| Budget | |
| Revenues | $102.052 billion (2019 est.) |
| Expenditures | $101.854 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.47% of GDP (2023 est.) |
| Remittances 2022 | 0.38% of GDP (2022 est.) |
| Remittances 2021 | 0.3% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.8% (2021 est.) |
| Highest 10% | 27.6% (2021 est.) |
| Average household expenditures | |
| On food | 17.5% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.1% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $133.006 billion (2023 est.) |
| Imports 2022 | $131.627 billion (2022 est.) |
| Imports 2021 | $112.413 billion (2021 est.) |
| Imports (partners) | Spain 31%, Germany 11%, France 6%, China 5%, Italy 5% (2022) |
| Comodities Imports force | crude petroleum, cars, refined petroleum, natural gas, vehicle parts/accessories (2022) |
| Exports | |
| Imports 2023 | $133.006 billion (2023 est.) |
| Imports 2022 | $131.627 billion (2022 est.) |
| Imports 2021 | $112.413 billion (2021 est.) |
| Exports (partners) | Spain 25%, France 12%, Germany 11%, US 7%, UK 5% (2022) |
| Comodities Exports force | cars, garments, refined petroleum, vehicle parts/accessories, plastic products (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $439.008 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $429.3 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $401.863 billion (2021 est.) |
| GDP (official exchange rate) | $287.08 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $41,700 (2023 est.) |
| Real GDP per capita 2022 | $41,200 (2022 est.) |
| Real GDP per capita 2021 | $38,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.2% (2017 est.) |
| Industry | 22.1% (2017 est.) |
| Services | 75.7% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 65.1% (2017 est.) |
| Government consumption | 17.6% (2017 est.) |
| Investment in fixed capital | 16.2% (2017 est.) |
| Investment in inventories | 0.1% (2017 est.) |
| Exports of goods and services | 43.1% (2017 est.) |
| Imports of goods and services | -42.1% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 6.49% (2023 est.) |
| Unemployment rate 2022 | 6.01% (2022 est.) |
| Unemployment rate 2021 | 6.58% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 20.2% (2023 est.) |
| Male | 20.6% (2023 est.) |
| Female | 19.9% (2023 est.) |
All Important Facts about Portugal
Want to know more about Portugal? Check all different factbooks for Portugal below.
