The Moody’s Analytics definition for metropolitan areas in Portugal conforms to those published by both Eurostat and Statistics Portugal. For purposes of our estimates and forecasts, we cover one such area, the metropolitan area of Lisbon.
The political entity known as "the metropolitan area of Lisbon" was devolved political powers from the central government in August 2008. At that time it was defined as conterminous with the Lisbon NUTS 2 region, which is conterminous to the two NUTS 3 subregions Grande Lisboa and Península de Setúbal.
References:
Table 1 of 1. Metropolitan areas in Portugal. Portugal has a national geo code of IPRT and all codes for its sub-national geographic levels are prefaced with IPRT_.