Portugal

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Portugal - In Short.

Overview of Portugal

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, and 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.
Value
Country Full Name
Portugal
Country Code
PRT
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
2.29E+11
Population
10297081
Land Area
91605.6
Net National Income Per Capita
17470.68099
GDP per Capita (PPP)
34177.08571

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Portugal - Economic

Economy of Portugal

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.

Unemployment Rate

Inflation Rate

Portugal - GDP Composition

GDP Composiiton & Value Added of Portugal

Last Updated: Jan, 2021, Updated For 2020.

Portugal - GDP, Value Added

Demographics of Portugal

concentrations are primarily along or near the Atlantic coast; both Lisbon and the second largest city, Porto, are coastal cities
Geographic Location

Southwestern Europe, bordering the North Atlantic Ocean, west of Spain

Races

Portuguese 95%; citizens from Portugal’s former colonies in Africa, Asia (Han Chinese), and South America (Brazilian) and other foreign born 5%

Languages

Portuguese (official), Mirandese (official, but locally used)

Religion

Roman Catholic 81%, other Christian 3.3%, other (includes Jewish, Muslim) 0.6%, none 6.8%, unspecified 8.3% (2011 est.)note: data represent population 15 years of age and older

Dependency & Expectancy of Portugal

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Portugal - Social Media Briefing

Portugal - Social Media & Social Commerce

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Politics & Policies of Portugal

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

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

Import of Portugal

Export of Portugal

Import Destination

Export Destination