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Portugal

Republica Portuguesa

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$112.802 billion (2023 est.)

expenditures

$109.044 billion (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$126.953 billion (2022 est.)

Exports 2023

$137.934 billion (2023 est.)

Exports 2024

$144.237 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$132.193 billion (2022 est.)

Imports 2023

$133.617 billion (2023 est.)

Imports 2024

$136.976 billion (2024 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

Labor force

5.464 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: data cover general government debt and include 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 intragovernmental debt; intragovernmental 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

Public debt 2017

125.7% of GDP (2017 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

0.6% of GDP (2022 est.)

Remittances 2023

0.6% of GDP (2023 est.)

Remittances 2024

0.6% of GDP (2024 est.)

Exchange rates

Currency

euros (EUR) per US dollar -

Exchange rates 2020

0.876 (2020 est.)

Exchange rates 2021

0.845 (2021 est.)

Exchange rates 2022

0.95 (2022 est.)

Exchange rates 2023

0.925 (2023 est.)

Exchange rates 2024

0.924 (2024 est.)

Economic overview

high-income EU and eurozone economy; strong services sector led by tourism and banking; tight labor market; growth driven by private consumption, trade surplus, and public investment from EU funds; declining public debt

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

6.1% (2022 est.)

Unemployment rate 2023

6.6% (2023 est.)

Unemployment rate 2024

6.4% (2024 est.)

Exports - partners

Spain 21%, France 11%, Germany 10%, USA 8%, UK 5% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Spain 33%, Germany 11%, France 7%, Netherlands 5%, China 5% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$41,100 (2022 est.)

Real GDP per capita 2023

$41,600 (2023 est.)

Real GDP per capita 2024

$41,900 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

7% (2022 est.)

Real GDP growth rate 2023

2.6% (2023 est.)

Real GDP growth rate 2024

1.9% (2024 est.)

Agricultural products

milk, tomatoes, olives, grapes, maize, pork, potatoes, chicken, apples, oranges (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

cars, garments, vehicle parts/accessories, unpackaged medicine, refined petroleum (2023)

note: top five export commodities based on value in dollars

Imports - commodities

cars, crude petroleum, vehicle parts/accessories, refined petroleum, garments (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

-$5.356 billion (2022 est.)

Current account balance 2023

$1.624 billion (2023 est.)

Current account balance 2024

$6.708 billion (2024 est.)

Taxes and other revenues

22.8% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$308.683 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

62% (2023 est.)

government consumption

16.8% (2023 est.)

investment in inventories

0.4% (2023 est.)

investment in fixed capital

20.1% (2023 est.)

exports of goods and services

47.5% (2023 est.)

imports of goods and services

-46.4% (2023 est.)

Population below poverty line

16.4% (2021 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

17.3% of household expenditures (2023 est.)

on alcohol and tobacco

3.1% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

7.8% (2022 est.)

Inflation rate (consumer prices) 2023

4.3% (2023 est.)

Inflation rate (consumer prices) 2024

2.4% (2024 est.)

Industrial production growth rate

1.2% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$428.547 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$439.745 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$448.226 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

21.6% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

21.2% (2024 est.)

female

20.7% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$32.232 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$35.243 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$42.434 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

18.4% (2024 est.)

services

66.4% (2024 est.)

agriculture

2% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.5% (2022 est.)

highest 10%

28.8% (2022 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2022

36.3 (2022 est.)