Portugal - Economic Indicators

Rising Interest Rates and Mortgage Payments in Europe

Nov 14, 2022

In Europe, fixed-rate mortgages now tend to be more common than variable-rate mortgages. In Finland, Sweden and Portugal, where variable-rate mortgages are more prevalent, mortgage costs have risen sharply. Mortgage payments have risen steeply in the U.K. and Denmark for those refinancing fixed-rate mortgages. Payments are set to rise further in 2023 as central banks continue raising policy rates, and abrupt payment changes are in store for an increasing...

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GDP Reference Last Previous Units Frequency
Private Consumption 2022 Q3 38,076 36,784 Mil. EUR, CDASA Quarterly
Government Consumption 2022 Q3 10,891 10,695 Mil. EUR, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2022 Q3 11,940 11,946 Mil. EUR, CDASA Quarterly
Investment 2022 Q3 11,957 12,168 Mil. EUR, CDASA Quarterly
Nominal Gross Domestic Product 2022 Q3 60,224 59,249 Mil. EUR, CDASA Quarterly
Real Private Consumption 2022 Q3 33,264 32,911 Mil Ch. 2016 EUR, CDASA Quarterly
Real Investment 2022 Q3 9,543 9,711 Mil Ch. 2016 EUR, CDASA Quarterly
Real Gross Domestic Product 2022 Q3 52,691 52,493 Mil Ch. 2016 EUR, CDASA Quarterly
Real Government Consumption 2022 Q3 9,054 9,033 Mil Ch. 2016 EUR, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2022 Q3 9,546 9,711 Mil Ch. 2016 EUR, CDASA Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Jan 2023 115.88 116.94 2012=100, NSA Monthly
Producer Price Index (PPI) Dec 2022 130.06 132.66 Index 2015=100, NSA Monthly
Wholesale Price Index 2016 101.78 104.7 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Labor Force 2022 Q4 5,245 5,234 Ths. #, NSA Quarterly
Unemployment 2022 Q4 342.7 305.8 Ths. #, NSA Quarterly
Labor Force Employment 2022 Q4 4,902 4,929 Ths. #, NSA Quarterly
Unemployment Rate 2022 Q4 6.5 5.8 %, NSA Quarterly
Secondary Industries Employment 2020 1,192 1,212 Ths. # Annual
Primary Industries Employment 2020 258.7 270.1 Ths. # Annual
Tertiary Industries Employment 2020 3,362 3,430 Ths. # Annual
Agriculture Employment 2017 353,935 359,978 # Annual
Wage & Salaries Jun 2017 109.15 104.29 Index 2010=100, NSA Monthly
Trade Reference Last Previous Units Frequency
Current Account Balance Nov 2022 -532.56 725.9 Mil. EUR, NSA Monthly
Balance of Goods Nov 2022 -2,433 -2,822 Ths. EUR, NSA Monthly
Exports of Goods Nov 2022 7,203 6,740 Ths. EUR, NSA Monthly
Imports of Goods Nov 2022 9,637 9,562 Ths. EUR, NSA Monthly
Exports of Goods and Services 2022 Q3 31,201 29,958 Mil. EUR, CDASA Quarterly
Net Exports 2022 Q3 -1,774 -1,461 Mil. EUR, CDASA Quarterly
Real Net Exports 2022 Q3 -145.22 -143.49 Mil Ch. 2016 EUR, CDASA Quarterly
Imports of Goods and Services 2022 Q3 32,975 31,420 Mil. EUR, CDASA Quarterly
Real Imports of Goods and Services 2022 Q3 24,251 23,961 Mil Ch. 2016 EUR, CDASA Quarterly
Real Exports of Goods and Services 2022 Q3 24,105 23,817 Mil Ch. 2016 EUR, CDASA Quarterly
Government Reference Last Previous Units Frequency
Government Revenues Dec 2022 56,879 51,561 Mil. EUR YTD, NSA Monthly
Government Expenditures Dec 2022 62,913 54,824 Mil. EUR YTD, NSA Monthly
Government Budget Balance Dec 2022 -6,034 -3,262 Mil. EUR YTD, NSA Monthly
Outstanding Public Debt 2014 -4,766,060,000 -960,630,000 EUR Annual
Markets Reference Last Previous Units Frequency
Stock Market Index 07 Feb 2023 5,923 5,906 Index, NSA Business Daily
Average Long-term Government Bond 02 Feb 2023 2.88 3.2 % per annum, NSA Business Daily
Lending Rate Dec 2022 12.57 12.46 % p.a., NSA Monthly
Treasury Bills (over 31 days) 16 Dec 2019 -0.52 -0.52 % per annum, NSA Business Daily
Money Market Rate Mar 2000 3.55 3.27 % p.a., NSA Monthly
Real Estate Reference Last Previous Units Frequency
Residential Building Permits Nov 2022 1,415 1,486 #, NSA Monthly
Building Permits Nov 2022 1,887 1,964 #, NSA Monthly
Non-residential Building Permits Nov 2022 472 478 #, NSA Monthly
Residential Building Completions 2022 Q3 2,759 2,673 #, NSA Quarterly
Building Completions 2022 Q3 3,685 3,563 #, NSA Quarterly
Non-residential Building Completions 2022 Q3 926 890 #, NSA Quarterly
Dwelling Stocks 2021 6,002,874 5,983,606 # Annual
House Price Value Feb 2020 1,337 1,330 EUR per m², NSA Monthly
Consumer Reference Last Previous Units Frequency
Consumer Confidence Jan 2023 -35.36 -37.06 Bal. of Opinion, NSA Monthly
Retail Sales Dec 2022 136.6 140.93 Index 2015=100, CDASA Monthly
Business Reference Last Previous Units Frequency
Capacity Utilization 2023 Q1 81.5 81.6 %, SA Quarterly
Industrial Production Dec 2022 104.92 100.83 Index 2015=100, WDASA Monthly
Real Change in Inventories 2022 Q3 -49.71 -45.33 Mil Ch. 2016 EUR, CDASA Quarterly
Change in Inventories 2022 Q3 -32.04 174.12 Mil. EUR, CDASA Quarterly
Business Confidence Dec 2021 108.2 108.4 Index 1990-2006=100, SA Monthly
Demographics Reference Last Previous Units Frequency
Deaths 2021 124,827 123,367 Ths. # Annual
Births 2021 79,795 84,796 Ths. # Annual
Population 2020 10,298,252 10,295,909 # Annual
Net Migration 2017 -30,001 # Annual
Birth Rate 2016 8.4 8.3 # per Ths. pop. Annual
Death Rate 2010 10 # per Ths. pop. Annual

Factbook

Background

Background:
Following its heyday as a global maritime power during the 15th and 16th centuries, Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. A 1910 revolution deposed the monarchy; for most of the next six decades, repressive governments ran the country. In 1974, a left-wing military coup installed broad democratic reforms. The following year, Portugal granted independence to all of its African colonies. Portugal is a founding member of NATO and entered the EC (now the EU) in 1986.

Geography

Location:
Southwestern Europe, bordering the North Atlantic Ocean, west of Spain
Geographic coordinates:
39 30 N, 8 00 W
Map references:
Europe
Area:
total: 92,090 sq km
land: 91,470 sq km
water: 620 sq km
note: includes Azores and Madeira Islands
country comparison to the world: 112
Area - comparative:
slightly smaller than Virginia
Land boundaries:
total: 1,224 km
border countries (1): Spain 1,224 km
Coastline:
1,793 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
maritime temperate; cool and rainy in north, warmer and drier in south
Terrain:
the west-flowing Tagus River divides the country: the north is mountainous toward the interior, while the south is characterized by rolling plains
Elevation:
mean elevation: 372 m
elevation extremes: lowest point: Atlantic Ocean 0 m
highest point: Ponta do Pico (Pico or Pico Alto) on Ilha do Pico in the Azores 2,351 m
Natural resources:
fish, forests (cork), iron ore, copper, zinc, tin, tungsten, silver, gold, uranium, marble, clay, gypsum, salt, arable land, hydropower
Land use:
agricultural land: 39.7%
arable land 11.9%; permanent crops 7.8%; permanent pasture 20%
forest: 37.8%
other: 22.5% (2011 est.)
Irrigated land:
5,400 sq km (2012)
Population - distribution:
concentrations are primarily along or near the Atlantic coast; both Lisbon and the second largest city, Porto, are coastal cities
Natural hazards:
Azores subject to severe earthquakes
volcanism: limited volcanic activity in the Azores Islands; Fayal or Faial (1,043 m) last erupted in 1958; most volcanoes have not erupted in centuries; historically active volcanoes include Agua de Pau, Furnas, Pico, Picos Volcanic System, San Jorge, Sete Cidades, and Terceira
Environment - current issues:
soil erosion; air pollution caused by industrial and vehicle emissions; water pollution, especially in coastal areas
Environment - international agreements:
party to: Air Pollution, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: Air Pollution-Persistent Organic Pollutants, Air Pollution-Volatile Organic Compounds, Environmental Modification
Geography - note:
Azores and Madeira Islands occupy strategic locations along western sea approaches to Strait of Gibraltar

People & Society

Population:
10,839,514 (July 2017 est.)
country comparison to the world: 84
Nationality:
noun: Portuguese (singular and plural)
adjective: Portuguese
Ethnic groups:
homogeneous Mediterranean population; citizens of black African descent who immigrated to mainland during decolonization number less than 100,000; since 1990, East Europeans have entered Portugal
Languages:
Portuguese (official), Mirandese (official, but locally used)
Religions:
Roman Catholic 81%, other Christian 3.3%, other (includes Jewish, Muslim, other) 0.6%, none 6.8%, unspecified 8.3%
note: represents population 15 years of age and older (2011 est.)
Age structure:
0-14 years: 15.34% (male 866,004/female 797,004)
15-24 years: 11.36% (male 653,672/female 577,800)
25-54 years: 41.72% (male 2,298,920/female 2,223,184)
55-64 years: 12.18% (male 617,036/female 702,992)
65 years and over: 19.4% (male 861,270/female 1,241,632) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 53.4
youth dependency ratio: 21.6
elderly dependency ratio: 31.8
potential support ratio: 3.1 (2015 est.)
Median age:
total: 42.2 years
male: 40.2 years
female: 44.4 years (2017 est.)
country comparison to the world: 30
Population growth rate:
0.04% (2017 est.)
country comparison to the world: 189
Birth rate:
9 births/1,000 population (2017 est.)
country comparison to the world: 207
Death rate:
11.1 deaths/1,000 population (2017 est.)
country comparison to the world: 29
Net migration rate:
2.5 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 38
Population distribution:
concentrations are primarily along or near the Atlantic coast; both Lisbon and the second largest city, Porto, are coastal cities
Urbanization:
urban population: 64.6% of total population (2017)
rate of urbanization: 0.76% annual rate of change (2015-20 est.)
Major urban areas - population:
LISBON (capital) 2.884 million; Porto 1.299 million (2015)
Sex ratio:
at birth: 1.07 male(s)/female
0-14 years: 1.09 male(s)/female
15-24 years: 1.13 male(s)/female
25-54 years: 1.03 male(s)/female
55-64 years: 0.88 male(s)/female
65 years and over: 0.69 male(s)/female
total population: 0.96 male(s)/female (2017 est.)
Mother's mean age at first birth:
30.2 years (2015 est.)
Maternal mortality ratio:
10 deaths/100,000 live births (2015 est.)
country comparison to the world: 149
Infant mortality rate:
total: 4.3 deaths/1,000 live births
male: 4.8 deaths/1,000 live births
female: 3.9 deaths/1,000 live births (2017 est.)
country comparison to the world: 189
Life expectancy at birth:
total population: 79.4 years
male: 76.2 years
female: 82.9 years (2017 est.)
country comparison to the world: 48
Total fertility rate:
1.53 children born/woman (2017 est.)
country comparison to the world: 192
Contraceptive prevalence rate:
73.9% (2014)
Health expenditures:
9.5% of GDP (2014)
country comparison to the world: 31
Physicians density:
4.43 physicians/1,000 population (2014)
Hospital bed density:
3.4 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.6% of population
rural: 99.8% of population
total: 99.7% of population
unimproved:
urban: 0.4% of population
rural: 0.2% of population
total: 0.3% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
20.8% (2016)
country comparison to the world: 95
Education expenditures:
5.1% of GDP (2014)
country comparison to the world: 55
Literacy:
definition: age 15 and over can read and write
total population: 95.7%
male: 97.1%
female: 94.4% (2015 est.)
School life expectancy (primary to tertiary education):
total: 17 years
male: 17 years
female: 17 years (2014)
Unemployment, youth ages 15-24:
total: 28%
male: 27.2%
female: 28.8% (2016 est.)
country comparison to the world: 41

Government

Country name:
conventional long form: Portuguese Republic
conventional short form: Portugal
local long form: Republica Portuguesa
local short form: Portugal
etymology: name derives from the Roman designation "Portus Cale" meaning "Port of Cale"; Cale was an ancient Celtic town and port in present-day northern Portugal
Government type:
semi-presidential republic
Capital:
name: Lisbon
geographic coordinates: 38 43 N, 9 08 W
time difference: UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
18 districts (distritos, singular - distrito) and 2 autonomous regions* (regioes autonomas, singular - regiao autonoma); Aveiro, Acores (Azores)*, Beja, Braga, Braganca, Castelo Branco, Coimbra, Evora, Faro, Guarda, Leiria, Lisboa (Lisbon), Madeira*, Portalegre, Porto, Santarem, Setubal, Viana do Castelo, Vila Real, Viseu
Independence:
1143 (Kingdom of Portugal recognized); 1640 (independence reestablished following 60-years of Spanish rule); 5 October 1910 (republic proclaimed)
National holiday:
Portugal Day (Dia de Portugal), 10 June (1580); note - also called Camoes Day, the day that revered national poet Luis de Camoes (1524-80) died
Constitution:
history: several previous; latest adopted 2 April 1976, effective 25 April 1976
amendments: proposed by the Assembly of the Republic; adoption requires two-thirds majority vote of Assembly members; amended several times, last in 2005 (2016)
Legal system:
civil law system; Constitutional Court review of legislative acts
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Portugal
dual citizenship recognized: yes
residency requirement for naturalization: 10 years; 6 years if from a Portuguese-speaking country
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Marcelo REBELO DE SOUSA (since 9 March 2016)
head of government: Prime Minister Antonio Luis Santos da COSTA (since 24 November 2015)
cabinet: Council of Ministers appointed by the president on the recommendation of the prime minister
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); election last held on 24 January 2016 (next to be held in January 2021); following legislative elections last held in October 2015, the leader of the majority party or majority coalition was appointed prime minister by the president
election results: Marcelo REBELO DE SOUSA elected president; percent of vote - Marcelo REBELO DE SOUSA (PSD) 52%, Antonio Sampaio da NOVA (independent) 22.9%, Marisa MATISA (BE) 10.1%, Maria de BELEM (independent) 4.2%, other 10.8%
note: there is also a Council of State that acts as a consultative body to the president
Legislative branch:
description: unicameral Assembly of the Republic or Assembleia da Republica (230 seats; 226 members directly elected in multi-seat constituencies by proportional representation vote and 4 members - 2 each in 2 constituencies representing Portuguese living abroad - directly elected by proportional representation vote; members serve 4-year terms)
elections: last held on 4 October 2015 (next to be held by October 2019)
election results: percent of vote by party - PaF 36.9%, PS 32.3%, B.E. 10.2%, CDU 8.3%, PPD/PSD (Azores and Madeira) 1.5%, PAN 1.4%, other 9.4%; seats by party - PaF 102, PS 86, B.E. 19, CDU 17, PPD/PSD (Azores and Madeira) 5, PAN 1
Judicial branch:
highest court(s): Supreme Court or Supremo Tribunal de Justica (consists of 12 justices); Constitutional Court or Tribunal Constitucional (consists of 13 judges)
judge selection and term of office: Supreme Court justices nominated by the president and appointed by the Assembly of the Republic; judges appointed for life; Constitutional Court judges - 10 elected by the Assembly and 3 elected by the other Constitutional Court judges; judges elected for 6-year non-renewable terms
subordinate courts: Supreme Administrative Court (Supremo Tribunal Administrativo); Audit Court (Tribunal de Contas); appellate, district, and municipal courts
Political parties and leaders:
Democratic and Social Center/Popular Party or CDS-PP [Assuncao CRISTAS]
Ecologist Party "The Greens" or PEV [Heloisa APOLONiA]
People_Animals_Nature Party or PAN [Andre SILVA]
Portuguese Communist Party or PCP [Jeronimo DE SOUSA]
Social Democratic Party or PPD/PSD [Rui RIO]
Socialist Party or PS [Antonio COSTA]
The Left Bloc or BE or o Bloco [Catarina MARTINS]
Unitary Democratic Coalition or CDU [Jeronimo DE SOUSA] (includes PCP and PEV)
Political pressure groups and leaders:
Armed Forces Officers' Association or AOFA [Lt. Col. Antonio Costa MOTA]
General Workers Union or UGT [Carlos SILVA]
General Confederation of Portuguesse Workers or CGTP-IN [Armenio CARLOS]
TugaLeaks (a website that has become a mouthpiece for publicizing diverse protest action)
other: media; labor unions
International organization participation:
ADB (nonregional member), AfDB (nonregional member), Australia Group, BIS, CD, CE, CERN, CPLP, EAPC, EBRD, ECB, EIB, EMU, ESA, EU, FAO, FATF, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MINUSMA, NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, Pacific Alliance (observer), Paris Club (associate), PCA, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Domingos T?eixeira de Abreu Fezas VITAL (since 28 January 2016)
chancery: 2012 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 328-8610
FAX: [1] (202) 462-3726
consulate(s) general: Boston, New York, San Francisco
consulate(s): New Bedford (MA), Newark (NJ), Providence (RI)
Diplomatic representation from the US:
chief of mission: Ambassador George E. GLASS (since 25 August 2017)
embassy: Avenida das Forcas Armadas, 1600-081 Lisbon
mailing address: Apartado 43033, 1601-301 Lisboa; PSC 83, APO AE 09726
telephone: [351] (21) 727-3300
FAX: [351] (21) 726-9109
consulate(s): Ponta Delgada (Azores)
Flag description:
two vertical bands of green (hoist side, two-fifths) and red (three-fifths) with the national coat of arms (armillary sphere and Portuguese shield) centered on the dividing line; explanations for the color meanings are ambiguous, but a popular interpretation has green symbolizing hope and red the blood of those defending the nation
National symbol(s):
armillary sphere (a spherical astrolabe modeling objects in the sky and representing the Republic); national colors: red, green
National anthem:
name: "A Portugesa" (The Song of the Portuguese)
lyrics/music: Henrique LOPES DE MENDOCA/Alfredo KEIL
note: adopted 1910; "A Portuguesa" was originally written to protest the Portuguese monarchy's acquiescence to the 1890 British ultimatum forcing Portugal to give up areas of Africa; the lyrics refer to the "insult" that resulted from the event

Economy

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):
$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
GDP (official exchange rate):
$211.7 billion (2017 est.)
GDP - real growth rate:
2.5% (2017 est.)
1.4% (2016 est.)
1.6% (2015 est.)
country comparison to the world: 133
GDP - per capita (PPP):
$30,300 (2017 est.)
$29,400 (2016 est.)
$28,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 65
Gross national saving:
17% of GDP (2017 est.)
15.8% of GDP (2016 est.)
15.5% of GDP (2015 est.)
country comparison to the world: 109
GDP - composition, by end use:
household consumption: 65.7%
government consumption: 17.6%
investment in fixed capital: 15.4%
investment in inventories: -0.2%
exports of goods and services: 42.9%
imports of goods and services: -41.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.2%
industry: 22.1%
services: 75.7% (2017 est.)
Agriculture - products:
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish
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
Industrial production growth rate:
1% (2017 est.)
country comparison to the world: 171
Labor force:
5.233 million (2017 est.)
country comparison to the world: 80
Labor force - by occupation:
agriculture: 8.6%
industry: 23.9%
services: 67.5% (2014 est.)
Unemployment rate:
9.7% (2017 est.)
11.1% (2016 est.)
country comparison to the world: 136
Population below poverty line:
19% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 25.9% (2015 est.)
Distribution of family income - Gini index:
33.9 (2015 est.)
34 (2014 est.)
country comparison to the world: 107
Budget:
revenues: $92.99 billion
expenditures: $96.83 billion (2017 est.)
Taxes and other revenues:
43.9% of GDP (2017 est.)
country comparison to the world: 25
Budget surplus (+) or deficit (-):
-1.8% of GDP (2017 est.)
country comparison to the world: 79
Public debt:
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
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.6% (2017 est.)
0.6% (2016 est.)
country comparison to the world: 69
Central bank discount rate:
0% (2016 est.)
0.05% (2015 est.)
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: 158
Commercial bank prime lending rate:
3.5% (31 December 2017 est.)
3.77% (31 December 2016 est.)
country comparison to the world: 164
Stock of narrow money:
$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
Stock of broad money:
$216 billion (31 December 2017 est.)
$173.9 billion (31 December 2016 est.)
country comparison to the world: 38
Stock of domestic credit:
$343.3 billion (31 December 2017 est.)
$311.5 billion (31 December 2016 est.)
country comparison to the world: 35
Market value of publicly traded shares:
$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
Current account balance:
$888 million (2017 est.)
$1.462 billion (2016 est.)
country comparison to the world: 41
Exports:
$62.6 billion (2017 est.)
$54.76 billion (2016 est.)
country comparison to the world: 45
Exports - commodities:
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
Exports - partners:
Spain 26.2%, France 12.6%, Germany 11.7%, UK 7%, US 4.9% (2016)
Imports:
$74.32 billion (2017 est.)
$64.79 billion (2016 est.)
country comparison to the world: 42
Imports - commodities:
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
Imports - partners:
Spain 32.8%, Germany 13.5%, France 7.8%, Italy 5.5%, Netherlands 5.1% (2016)
Reserves of foreign exchange and gold:
$25.13 billion (31 December 2016 est.)
$19.4 billion (31 December 2015 est.)
country comparison to the world: 54
Debt - external:
$449 billion (31 March 2016 est.)
$447 billion (31 March 2015 est.)
country comparison to the world: 29
Stock of direct foreign investment - at home:
$158.9 billion (31 December 2017 est.)
$147.1 billion (31 December 2016 est.)
country comparison to the world: 34
Stock of direct foreign investment - abroad:
$89.06 billion (31 December 2017 est.)
$84.73 billion (31 December 2016 est.)
country comparison to the world: 37
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.75 (2014 est.)
0.76 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
49.66 billion kWh (2015 est.)
country comparison to the world: 53
Electricity - consumption:
47.03 billion kWh (2015 est.)
country comparison to the world: 53
Electricity - exports:
9.701 billion kWh (2016 est.)
country comparison to the world: 24
Electricity - imports:
4.616 billion kWh (2016 est.)
country comparison to the world: 42
Electricity - installed generating capacity:
19.63 million kW (2015 est.)
country comparison to the world: 44
Electricity - from fossil fuels:
37.9% of total installed capacity (2015 est.)
country comparison to the world: 170
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 166
Electricity - from hydroelectric plants:
22.3% of total installed capacity (2015 est.)
country comparison to the world: 84
Electricity - from other renewable sources:
32.5% of total installed capacity (2015 est.)
country comparison to the world: 10
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 183
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 177
Crude oil - imports:
270,600 bbl/day (2016 est.)
country comparison to the world: 26
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 181
Refined petroleum products - production:
308,700 bbl/day (2016 est.)
country comparison to the world: 40
Refined petroleum products - consumption:
234,700 bbl/day (2016 est.)
country comparison to the world: 52
Refined petroleum products - exports:
128,800 bbl/day (2016 est.)
country comparison to the world: 40
Refined petroleum products - imports:
71,920 bbl/day (2016 est.)
country comparison to the world: 69
Natural gas - production:
0 cu m (2014 est.)
country comparison to the world: 185
Natural gas - consumption:
8.371 billion cu m (2015 est.)
country comparison to the world: 58
Natural gas - exports:
0 cu m (2014 est.)
country comparison to the world: 168
Natural gas - imports:
4.713 billion cu m (2015 est.)
country comparison to the world: 33
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 186
Carbon dioxide emissions from consumption of energy:
43.98 million Mt (2014 est.)
country comparison to the world: 65

Communications

Telephones - fixed lines:
total subscriptions: 4,787,677
subscriptions per 100 inhabitants: 44 (July 2016 est.)
country comparison to the world: 31
Telephones - mobile cellular:
total: 11,572,085
subscriptions per 100 inhabitants: 107 (July 2016 est.)
country comparison to the world: 79
Telephone system:
general assessment: Portugal's telephone system has a state-of-the-art network with broadband, high-speed capabilities
domestic: integrated network of coaxial cables, open-wire, microwave radio relay, and domestic satellite earth stations
international: country code - 351; a combination of submarine cables provide connectivity to Europe, North and East Africa, South Africa, the Middle East, Asia, and the US; satellite earth stations - 3 Intelsat (2 Atlantic Ocean and 1 Indian Ocean), NA Eutelsat; tropospheric scatter to Azores (2015)
Broadcast media:
Radio e Televisao de Portugal (RTP), the publicly owned TV broadcaster, operates 4 domestic channels and external service channels to Africa; overall, roughly 40 domestic TV stations; viewers have widespread access to international broadcasters with more than half of all households connected to multi-channel cable or satellite TV systems; publicly owned radio operates 3 national networks and provides regional and external services; several privately owned national radio stations and some 300 regional and local commercial radio stations (2014)
Internet country code:
.pt
Internet users:
total: 7,629,560
percent of population: 70.4% (July 2016 est.)
country comparison to the world: 57

Transportation

National air transport system:
number of registered air carriers: 12
inventory of registered aircraft operated by air carriers: 122
annual passenger traffic on registered air carriers: 12,635,233
annual freight traffic on registered air carriers: 343,971,094 mt-km (2015)
Civil aircraft registration country code prefix:
CR, CS (2016)
Airports:
64 (2013)
country comparison to the world: 77
Airports - with paved runways:
total: 43
over 3,047 m: 5
2,438 to 3,047 m: 7
1,524 to 2,437 m: 8
914 to 1,523 m: 15
under 914 m: 8 (2017)
Airports - with unpaved runways:
total: 21
914 to 1,523 m: 1
under 914 m: 20 (2013)
Pipelines:
gas 1,344 km; oil 11 km; refined products 188 km (2013)
Railways:
total: 3,075.1 km
broad gauge: 2,439 km 1.668-m gauge (1,633.4 km electrified)
narrow gauge: 108.1 km 1.000-m gauge
other: 528 km (gauge unspecified) (2014)
country comparison to the world: 59
Roadways:
total: 82,900 km
paved: 71,294 km (includes 2,613 km of expressways)
unpaved: 11,606 km (2008)
country comparison to the world: 59
Waterways:
210 km (on Douro River from Porto) (2011)
country comparison to the world: 95
Merchant marine:
total: 466
by type: bulk carrier 52, container ship 165, general cargo 57, oil tanker 7, other 185 (2017)
country comparison to the world: 41
Ports and terminals:
major seaport(s): Leixoes, Lisbon, Setubal, Sines
LNG terminal(s) (import): Sines

Military & Security

Military expenditures:
1.84% of GDP (2016)
1.79% of GDP (2015)
1.79% of GDP (2014)
2.09% of GDP (2013)
1.91% of GDP (2012)
country comparison to the world: 57
Military branches:
Portuguese Army (Exercito Portuguesa), Portuguese Navy (Marinha Portuguesa; includes Marine Corps), Portuguese Air Force (Forca Aerea Portuguesa, FAP) (2013)
Military service age and obligation:
18-30 years of age for voluntary military service; no compulsory military service, but conscription possible if insufficient volunteers available; women serve in the armed forces, on naval ships since 1993, but are prohibited from serving in some combatant specialties; reserve obligation to age 35 (2012)

Transnational Issues

Disputes - international:
Portugal does not recognize Spanish sovereignty over the territory of Olivenza based on a difference of interpretation of the 1815 Congress of Vienna and the 1801 Treaty of Badajoz
Refugees and internally displaced persons:
stateless persons: 14 (2016)
Illicit drugs:
seizing record amounts of Latin American cocaine destined for Europe; a European gateway for Southwest Asian heroin; transshipment point for hashish from North Africa to Europe; consumer of Southwest Asian heroin

Economic Indicators for Portugal including actual values, historical data, and latest data updates for the Portugal economy.



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