Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.21 1.21 1.21 1.2 1.2 1.19
Stock Market (points) 5069.74 4976 4877 4780 4685 4494
Government Bond 10Y (%) 0.03 0.01 0.01 0.02 0.02 0.02

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 13.30 1.7 2.2 1.6 1 0.5
GDP Annual Growth Rate (%) -5.70 1.1 13.2 6.5 5.9 2
Unemployment Rate (%) 7.80 10.8 8.8 8.4 8 7
Inflation Rate (%) -0.20 0.5 0.9 1.2 1.1 1.1
Inflation Rate Mom (%) -0.10 1.1 0.1 0.3 0.4 0.4
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -888.00 -1460 -1550 -600 -1440 -1440
Current Account (EUR Million) -102.90 -200 -40 250 -220 -100
Current Account to GDP (%) -0.10 -0.2 -0.2 -0.2 -0.2 0.1
Government Debt to GDP (%) 117.20 130 130 130 130 128
Government Budget (% of GDP) 0.10 -2.6 -2.6 -2.6 -2.6 -0.8
Business Confidence (points) -0.10 -1.2 -0.5 -0.3 0.1 0.8
Consumer Confidence (points) -26.20 -17 -12 -10 -12 -10
Retail Sales MoM (%) -3.20 1.3 0.8 -1 -0.7 0.1
Corporate Tax Rate (%) 21.00 21 21 21 21 21
Personal Income Tax Rate (%) 48.00 48 48 48 48 48

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 13.30 1.7 2.2 1.6 1 0.5
GDP Annual Growth Rate (%) -5.70 1.1 13.2 6.5 5.9 2
GDP (USD Billion) 237.69 210 210 210 210 230
GDP Constant Prices (EUR Million) 47929.30 49170 49629 47865 48724 52071
Gross Fixed Capital Formation (EUR Million) 9000.20 8661 9217 9403 8596 9172
GDP per capita (USD) 24590.40 23600 23600 23600 23600 24400
GDP per capita PPP (USD) 34798.00 33400 33400 33400 33400 34400
GDP From Agriculture (EUR Million) 941.50 986 1037 1162 878 1044
GDP From Construction (EUR Million) 1959.90 1840 1981 2263 1759 1949
GDP From Manufacturing (EUR Million) 6183.00 5954 6073 5363 5978 6305
GDP From Services (EUR Million) 8008.50 8638 8411 7251 9150 9148
GDP From Transport (EUR Million) 3806.30 3622 3701 3498 3505 3835
GDP From Utilities (EUR Million) 1486.40 1583 1539 1657 1323 1677
Gross National Product (EUR Million) 52065.35 52673 51114 52405 54250 55781

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 7.80 10.8 8.8 8.4 8 7
Employment Rate (%) 53.90 52.6 53 53.4 53.8 54.5
Labor Force Participation Rate (%) 58.40 59.4 59.4 59.4 59.5 59.5
Long Term Unemployment Rate (%) 2.40 3.2 5.4 3.4 2.3 2.6
Youth Unemployment Rate (%) 23.30 24.7 26.9 24.9 12.5 24.1
Labour Costs (points) 105.60 117 109 98.11 120 120
Wages (EUR/Month) 1188.06 1205 1161 1176 1237 1237
Wages in Manufacturing (points) 142.74 154 146 109 158 158
Wage Growth (%) -7.50 -1 0.5 1.2 1.5 2
Minimum Wages (EUR/Month) 775.83 776 776 776 776 790
Population (Million) 10.28 10.23 10.23 10.23 10.23 10.21
Retirement Age Women 66.42 66.5 66.5 66.5 66.5 66.5
Retirement Age Men 66.42 66.5 66.5 66.5 66.5 66.5
Productivity (points) 102.10 102 102 104 105 107
Unemployment Change 3967.00 -1600 -2220 -2220 -1800 -2800
Employment Change (%) -3.40 0.2 0.4 0.3 0.3 0.3

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.20 0.5 0.9 1.2 1.1 1.1
Inflation Rate Mom (%) -0.10 1.1 0.1 0.3 0.4 0.4
Consumer Price Index CPI (points) 103.85 105 106 105 105 106
Harmonised Consumer Prices (points) 103.10 104 106 105 104 106
Core Consumer Prices (points) 104.06 107 105 105 109 109
Core Inflation Rate (%) -0.14 0.8 0.9 1 1.2 1.6
Producer Prices (points) 97.80 97.42 102 98.98 110 98.78
Producer Prices Change (%) -4.00 0.5 1.1 1 1.4 1.7
CPI Housing Utilities (points) 108.72 110 109 110 110 111
CPI Transportation (points) 100.06 100 101 100 99.42 101
Food Inflation (%) 1.50 1.6 1.6 1.7 1.9 1.8
GDP Deflator (%) 2.00 1.1 1.4 1.5 1.6 1.6

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.33 -0.33 -0.33 -0.33 0.44 -0.33
Money Supply M2 (EUR Million) 256650.80 264300 263800 265100 271200 282200
Banks Balance Sheet (EUR Million) 443590.60 455100 454800 456800 457100 469100
Loans to Private Sector (EUR Million) 71963.00 73231 73234 73990 73969 74476
Loan Growth (%) 7.80 8.5 4.4 2.5 2.5 1.7
Private Debt to GDP (%) 248.20 255 255 255 255 251
Central Bank Balance Sheet (EUR Million) 138315.00 145100 144900 145900 147800 154200

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (EUR Million) -888.00 -1460 -1550 -600 -1440 -1440
Current Account (EUR Million) -102.90 -200 -40 250 -220 -100
Current Account to GDP (%) -0.10 -0.2 -0.2 -0.2 -0.2 0.1
Imports (EUR Million) 6086.98 5950 5250 6790 6010 6380
Exports (EUR Million) 5198.84 4400 4650 4850 4600 4890
External Debt (EUR Million) 414452.00 437800 436700 434200 432300 436600
Capital Flows (EUR Million) 417.35 250 180 460 210 440
Foreign Direct Investment (EUR Million) 306.51 140 250 190 220 380
Tourism Revenues (EUR Million) 447.68 810 1050 1320 650 980
Gold Reserves (Tonnes) 382.57 383 383 383 383 383
Tourist Arrivals (Persons) 400509.00 1753000 3203000 4101000 1952000 1952000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 117.20 130 130 130 130 128
Government Budget (% of GDP) 0.10 -2.6 -2.6 -2.6 -2.6 -0.8
Government Budget Value (EUR Million) -8810.00 -3310 -18310 -10200 -3810 -3810
Government Spending (EUR Million) 8475.50 9400 9100 8900 9000 9100
Government Spending to GDP (%) 42.70 46 46 46 46 44
Government Revenues (EUR Million) 37466.00 9700 23600 39200 52120 55440
Government Debt (EUR Million) 267011.00 275200 274400 273900 273400 277000
Fiscal Expenditure (EUR Million) 36025.00 19900 39200 47900 62060 61100

Taxes Actual Q1 Q2 Q3 Q4 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 Q1 Q2 Q3 Q4 2022
Business Confidence (points) -0.10 -1.2 -0.5 -0.3 0.1 0.8
Industrial Production (%) -3.60 6.1 11.5 4.2 5.1 2.6
Industrial Production Mom (%) -5.00 0.7 0.3 -1.1 0.7 0.5
Manufacturing Production (%) -1.90 6.7 12 4.5 5.5 2.8
Capacity Utilization (%) 79.14 66 69 72 75 79
Car Registrations 11826.00 9800 16200 16400 17100 21100
Leading Economic Index (%) -6.30 5.1 9.5 7.2 5.1 2.7
Car Production (Units) 12077.00 13200 20200 26800 18900 21500

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -26.20 -17 -12 -10 -12 -10
Retail Sales MoM (%) -3.20 1.3 0.8 -1 -0.7 0.1
Retail Sales YoY (%) -5.10 3.4 5.1 1.8 4.8 2.5
Consumer Spending (EUR Million) 30521.50 30921 31498 30327 31490 32746
Personal Savings (%) 10.60 7.5 7 6.8 7.1 6.5
Consumer Credit (EUR Million) 120042.00 114551 120179 134683 121654 121310
Households Debt To GDP (% of GDP) 65.90 71 71 71 71 67
Households Debt To Income (%) 92.94 100 100 100 100 97
Personal Spending (%) -3.10 4.8 9.1 7.6 4.9 2.5
Bank Lending Rate (%) 2.22 2.26 2.26 2.26 3.51 2.26
Disposable Personal Income (EUR Million) 42588.60 42299 42134 41983 44076 44794
Gasoline Prices (USD/Liter) 1.72 1.51 1.46 1.39 1.43 1.43

Housing Actual Q1 Q2 Q3 Q4 2022
Construction Output (%) -0.50 1.5 4.1 3.6 4.5 2
Housing Index (points) 153.27 136 138 141 147 147
Home Ownership Rate (%) 74.50 73.4 73.4 73.4 73.4 73
Building Permits 2094.00 1650 1740 1950 1450 1680


This page has economic forecasts for Portugal including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Portugal economy.