Markets Actual Q4 Q1 Q2 Q3 2022
Currency 1.13 1.13 1.12 1.12 1.11 1.1
Stock Market (points) 5510.33 5275 5136 5001 4870 4617
Government Bond 10Y (%) 0.29 0.33 0.37 0.4 0.44 0.54

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 2.90 0.8 0.7 0.6 0.7 0.6
GDP Annual Growth Rate (%) 4.20 5.1 8.4 5.5 3.6 2.3
Unemployment Rate (%) 6.10 7 6.8 6.7 6.6 6.5
Inflation Rate (%) 2.60 2 1.8 1.9 1.6 1.5
Inflation Rate Mom (%) 0.50 0.4 1.2 0.6 0.7 0.3
Interest Rate (%) 0.00 0 0 0 0 0.1
Balance of Trade (EUR Million) -1719.00 -1440 -720 -740 -1340 -1490
Current Account (EUR Million) -61.75 -460 100 360 450 -230
Current Account to GDP (% of GDP) -1.20 -0.8 -0.4 -0.4 -0.4 -0.4
Government Debt to GDP (% of GDP) 133.60 127 122 122 122 122
Government Budget (% of GDP) -5.70 -6.8 -3.2 -3.2 -3.2 -3.2
Business Confidence (points) 1.90 1.8 1.6 1.4 1.7 1.9
Consumer Confidence (points) -19.20 -16 -10 -8 -6 -7
Retail Sales MoM (%) 2.30 -0.7 1 0.9 -0.8 0.6
Corporate Tax Rate (%) 21.00 21 21 21 21 21
Personal Income Tax Rate (%) 48.00 48 48 48 48 48

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 2.90 0.8 0.7 0.6 0.7 0.6
GDP Annual Growth Rate (%) 4.20 5.1 8.4 5.5 3.6 2.3
GDP (USD Billion) 231.23 240 260 260 260 260
GDP Constant Prices (EUR Million) 49814.80 48724 50267 51131 51608 51547
Gross Fixed Capital Formation (EUR Million) 9044.60 8596 10036 9716 9370 9714
GDP per capita (USD) 19897.31 23600 24400 24400 24400 24400
GDP per capita PPP (USD) 32181.15 33400 34400 34400 34400 34400
GDP From Agriculture (EUR Million) 1029.90 878 1072 1069 1067 1025
GDP From Construction (EUR Million) 1939.70 1759 2159 2091 2010 2095
GDP From Manufacturing (EUR Million) 6156.10 5978 6673 6472 6378 6647
GDP From Services (EUR Million) 8066.50 9150 7235 7977 8357 7814
GDP From Transport (EUR Million) 3939.60 3505 3981 3926 4081 3996
GDP From Utilities (EUR Million) 1583.90 1323 1724 1653 1641 1716
Gross National Product (EUR Million) 53604.98 54250 54584 55024 55535 55155

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 6.10 7 6.8 6.7 6.6 6.5
Employment Rate (%) 56.10 55.1 55.4 55.3 55.4 55.5
Labor Force Participation Rate (%) 59.70 59.3 59.5 59.4 59.6 59.7
Long Term Unemployment Rate (%) 3.00 3.9 3.7 3.6 3.5 3.4
Youth Unemployment Rate (%) 22.80 23.7 23.5 23.4 23.3 23.2
Labour Costs (points) 109.30 129 114 120 113 132
Wages (EUR/Month) 1188.06 1237 1239 1231 1224 1269
Wages in Manufacturing (points) 112.03 158 118 134 115 157
Wage Growth (%) 4.00 4.2 4.3 3.6 3 2.5
Minimum Wages (EUR/Month) 775.83 776 785 785 785 785
Population (Million) 10.30 10.29 10.27 10.27 10.27 10.27
Retirement Age Women 66.50 66.5 66.58 66.58 66.58 66.58
Retirement Age Men 66.50 66.5 66.58 66.58 66.58 66.58
Productivity (points) 104.20 104 104 105 106 107

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 2.60 2 1.8 1.9 1.6 1.5
Inflation Rate Mom (%) 0.50 0.4 1.2 0.6 0.7 0.3
Consumer Price Index CPI (points) 106.22 109 106 107 107 108
Harmonised Consumer Prices (points) 105.69 108 106 107 107 107
Core Consumer Prices (points) 105.65 109 106 107 107 107
Core Inflation Rate (%) 1.10 1.5 2 1.7 1.3 1.3
Producer Prices (points) 113.80 110 111 112 115 112
Producer Prices Change (%) 15.90 12 9 5.2 3.1 2
CPI Housing Utilities (points) 111.69 114 111 112 113 113
CPI Transportation (points) 106.23 107 108 109 109 110
Food Inflation (%) 0.49 1.2 1.4 1.6 1.7 1.8
GDP Deflator (%) -1.00 1.6 1.6 1.6 1.6 1.6

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 0.00 0 0 0 0 0.1
Interbank Rate (%) -0.57 -0.57 -0.57 -0.57 -0.57 -0.47
Money Supply M2 (EUR Million) 286976.30 291200 294200 292900 293600 295200
Banks Balance Sheet (EUR Million) 471868.40 469100 468700 472400 474500 476100
Loans to Private Sector (EUR Million) 75995.40 77294 78731 79215 79106 79768
Private Debt to GDP (%) 253.90 255 251 251 251 251
Loan Growth (%) 5.20 4.5 5.1 4.2 3.7 3.2
Central Bank Balance Sheet (EUR Million) 220212.00 221800 225800 224600 223700 221200

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (EUR Million) -1719.00 -1440 -720 -740 -1340 -1490
Current Account (EUR Million) -61.75 -460 100 360 450 -230
Current Account to GDP (% of GDP) -1.20 -0.8 -0.4 -0.4 -0.4 -0.4
Imports (EUR Million) 7247.30 5910 6710 5690 6740 6380
Exports (EUR Million) 5528.73 4600 5990 4950 5400 4890
External Debt (EUR Million) 414850.00 432300 436400 434200 435100 436600
Foreign Direct Investment (EUR Million) 182.19 220 260 320 290 380
Tourism Revenues (EUR Million) 1323.44 650 760 1200 1360 850
Gold Reserves (Tonnes) 382.57 383 383 383 383 383
Tourist Arrivals (Persons) 3032666.00 1552000 1552000 3622000 2602000 1954000

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 133.60 127 122 122 122 122
Government Budget (% of GDP) -5.70 -6.8 -3.2 -3.2 -3.2 -3.2
Government Budget Value (EUR Million) -8263.10 -9940 1600 -10300 -6000 -5660
Government Spending (EUR Million) 8990.00 9000 9337 9369 9314 9100
Government Spending to GDP (% of GDP) 48.40 48 48 46 46 46
Government Revenues (EUR Million) 39292.90 52120 14500 29900 42500 55440
Government Debt (EUR Million) 277508.00 278400 279100 278900 280800 283000
Fiscal Expenditure (EUR Million) 41599.80 62060 12900 40200 48500 61100

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 21.00 21 21 21 21 21
Personal Income Tax Rate (%) 48.00 48 48 48 48 48
Sales Tax Rate (%) 23.00 23 23 23 23 23
Social Security Rate (%) 34.75 34.75 34.75 34.75 34.75 34.75
Social Security Rate For Companies (%) 23.75 23.75 23.75 23.75 23.75 23.75
Social Security Rate For Employees (%) 11.00 11 11 11 11 11

Business Actual Q4 Q1 Q2 Q3 2022
Business Confidence (points) 1.90 1.8 1.6 1.4 1.7 1.9
Industrial Production (%) -6.70 5.1 5.6 4.8 4.4 3.8
Industrial Production Mom (%) 0.50 0.7 -0.6 0.5 -0.8 0.5
Manufacturing Production (%) -3.40 5.5 5.9 4.8 4.3 3.7
Capacity Utilization (%) 81.87 79.1 78.8 79 79.4 80
Car Registrations 10576.00 17100 15100 18900 18900 21100
Leading Economic Index (%) 3.80 5.1 5.5 4.9 4.3 3.6
Car Production (Units) 2245.00 15900 27900 25600 36800 21500

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) -19.20 -16 -10 -8 -6 -7
Retail Sales MoM (%) 2.30 -0.7 1 0.9 -0.8 0.6
Retail Sales YoY (%) 3.40 4.8 5.4 4.6 3.8 3.2
Consumer Spending (EUR Million) 31949.80 31490 31600 33067 33100 32746
Personal Savings (%) 14.20 7.1 7.6 7.7 8.1 8
Consumer Credit (EUR Million) 124468.60 121654 131550 129308 128551 129828
Personal Spending (%) 6.50 4.9 5.6 4.5 4 3.6
Households Debt To GDP (% of GDP) 69.40 71 67 67 67 67
Households Debt To Income (%) 92.93 100 97 97 97 97
Bank Lending Rate (%) 2.25 2.25 2.25 2.25 2.25 2.35
Disposable Personal Income (EUR Million) 43534.30 44076 45364 45929 45102 45765
Gasoline Prices (USD/Liter) 1.93 1.43 1.74 1.65 1.57 1.49

Housing Actual Q4 Q1 Q2 Q3 2022
Construction Output (%) 1.90 4.5 5.1 4.2 3.8 3.6
Housing Index (points) 162.54 147 162 166 165 162
Home Ownership Rate (%) 73.90 73.4 73 73 73 73
Building Permits 1937.00 1980 2450 2250 2420 2100


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Portugal Forecast - was last updated on Monday, December 6, 2021.