Markets Actual Q2 Q3 Q4 Q1 2022
Currency 1.19 1.19 1.19 1.19 1.18 1.17
Stock Market (points) 5181.95 5121 5019 4919 4821 4625
Government Bond 10Y (%) 0.42 0.46 0.51 0.56 0.62 0.73

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) -3.30 3.4 4 1.2 0.7 0.6
GDP Annual Growth Rate (%) -5.40 13.2 4.5 5.1 9 2.3
Unemployment Rate (%) 7.10 6.7 6.9 7 6.8 6.5
Inflation Rate (%) 1.20 0.9 1.2 1.1 1 1.2
Inflation Rate Mom (%) 0.20 0.1 0.3 0.4 0.4 0.4
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -1255.00 -1460 -1550 -1440 -1440 -1440
Current Account (EUR Million) 24.08 -40 250 -220 -220 -100
Current Account to GDP (% of GDP) -1.20 -0.8 -0.8 -0.8 -0.4 -0.4
Government Debt to GDP (% of GDP) 133.60 127 127 127 122 122
Government Budget (% of GDP) -5.70 -4.8 -4.8 -4.8 -3.2 -3.2
Business Confidence (points) 0.50 1 1.5 2 1.6 1.9
Consumer Confidence (points) -16.70 -12 -4 -2 -6 -7
Retail Sales MoM (%) 4.40 0.8 -1 -0.7 -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 Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) -3.30 3.4 4 1.2 0.7 0.6
GDP Annual Growth Rate (%) -5.40 13.2 4.5 5.1 9 2.3
GDP (USD Billion) 237.69 210 210 210 210 230
GDP Constant Prices (EUR Million) 46644.70 47865 50086 50600 50843 51764
Gross Fixed Capital Formation (EUR Million) 9393.20 9403 9405 9446 9797 9664
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) 932.10 1162 984 934 969 956
GDP From Construction (EUR Million) 1986.00 2263 2048 2057 2133 2104
GDP From Manufacturing (EUR Million) 6083.80 5363 6461 6502 6743 6651
GDP From Services (EUR Million) 7216.80 7251 8369 8433 8746 8627
GDP From Transport (EUR Million) 3672.00 3498 3978 4056 4207 4149
GDP From Utilities (EUR Million) 1493.80 1657 1553 1575 1634 1611
Gross National Product (EUR Million) 52892.41 52405 54408 55590 57653 56868

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 7.10 6.7 6.9 7 6.8 6.5
Employment Rate (%) 53.90 53 53.4 53.8 53.8 54.5
Labor Force Participation Rate (%) 58.00 59.4 59.4 59.5 59.5 59.5
Long Term Unemployment Rate (%) 2.40 2 2.2 2.3 2.1 1.9
Youth Unemployment Rate (%) 24.00 22.6 22.8 22.9 22.7 22.5
Labour Costs (points) 110.00 117 109 120 120 120
Wages (EUR/Month) 1188.06 1205 1161 1237 1237 1237
Wages in Manufacturing (points) 112.49 154 146 158 158 158
Wage Growth (%) -5.90 0.5 1.2 1.5 1.5 2
Minimum Wages (EUR/Month) 775.83 776 776 776 785 785
Population (Million) 10.30 10.29 10.29 10.29 10.27 10.27
Retirement Age Women 66.50 66.5 66.5 66.5 66.58 66.58
Retirement Age Men 66.50 66.5 66.5 66.5 66.58 66.58
Productivity (points) 102.60 102 104 105 105 107
Unemployment Change 1008.00 -2220 -2220 -1800 -1800 -2800
Employment Change (%) 1.90 0.4 0.3 0.3 0.3 0.3

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 1.20 0.9 1.2 1.1 1 1.2
Inflation Rate Mom (%) 0.20 0.1 0.3 0.4 0.4 0.4
Consumer Price Index CPI (points) 105.20 106 105 105 106 106
Harmonised Consumer Prices (points) 104.70 106 105 104 105 105
Core Consumer Prices (points) 104.96 107 105 109 109 109
Core Inflation Rate (%) 0.63 0.9 1 1.2 1.2 1.6
Producer Prices (points) 103.07 98.92 99.1 99.15 103 101
Producer Prices Change (%) 4.90 1.1 1 1.4 1.4 1.7
CPI Housing Utilities (points) 109.36 109 110 110 110 111
CPI Transportation (points) 103.55 101 100 101 103 102
Food Inflation (%) 0.55 1.2 1.7 1.9 1 1.8
GDP Deflator (%) 1.90 1.4 1.5 1.6 1.6 1.6

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.33 -0.33 -0.33 -0.33 -0.33 -0.33
Money Supply M2 (EUR Million) 275147.60 263800 265100 271200 271200 282200
Banks Balance Sheet (EUR Million) 457393.50 454800 456800 457100 457100 469100
Loans to Private Sector (EUR Million) 75150.40 73990 73969 78256 76783 79586
Loan Growth (%) 10.00 4.4 2.5 2.5 2.5 1.7
Private Debt to GDP (%) 253.90 255 255 255 255 251
Central Bank Balance Sheet (EUR Million) 205804.00 144900 145900 147800 147800 154200

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (EUR Million) -1255.00 -1460 -1550 -1440 -1440 -1440
Current Account (EUR Million) 24.08 -40 250 -220 -220 -100
Current Account to GDP (% of GDP) -1.20 -0.8 -0.8 -0.8 -0.4 -0.4
Imports (EUR Million) 6593.00 5250 6790 6010 6010 6380
Exports (EUR Million) 5338.00 4650 4850 4600 4600 4890
External Debt (EUR Million) 409272.00 436700 434200 432300 432300 436600
Capital Flows (EUR Million) 662.64 180 460 210 210 440
Foreign Direct Investment (EUR Million) 527.70 250 190 220 220 380
Tourism Revenues (EUR Million) 266.00 1050 1320 650 650 980
Gold Reserves (Tonnes) 382.57 383 383 383 383 383
Tourist Arrivals (Persons) 184036.00 3203000 4101000 1952000 1952000 1952000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (% of GDP) 133.60 127 127 127 122 122
Government Budget (% of GDP) -5.70 -4.8 -4.8 -4.8 -3.2 -3.2
Government Budget Value (EUR Million) -5680.00 -3310 -18310 -3810 -3810 -3810
Government Spending (EUR Million) 8520.90 9100 8900 9000 9000 9100
Government Spending to GDP (% of GDP) 48.40 48 48 48 46 46
Government Revenues (EUR Million) 13075.60 23600 39200 52120 52120 55440
Government Debt (EUR Million) 270492.00 274400 273900 273400 273400 277000
Fiscal Expenditure (EUR Million) 18756.00 39200 47900 62060 62060 61100

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2022
Business Confidence (points) 0.50 1 1.5 2 1.6 1.9
Industrial Production (%) 36.90 11.5 4.2 5.1 5.1 2.6
Industrial Production Mom (%) 0.50 0.3 -1.1 0.7 0.7 0.5
Manufacturing Production (%) 4.70 12 4.5 5.5 5.5 2.8
Capacity Utilization (%) 78.75 69 72 75 75 79
Car Registrations 14809.00 16200 16400 17100 17100 21100
Leading Economic Index (%) -2.00 9.5 7.2 5.1 5.1 2.7
Car Production (Units) 20588.00 20200 26800 18900 18900 21500

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) -16.70 -12 -4 -2 -6 -7
Retail Sales MoM (%) 4.40 0.8 -1 -0.7 -0.7 0.1
Retail Sales YoY (%) 28.30 5.1 1.8 4.8 4.8 2.5
Consumer Spending (EUR Million) 29185.40 30327 31895 32018 33206 32754
Personal Savings (%) 12.80 10 8.5 7.1 7.6 8
Consumer Credit (EUR Million) 121748.10 134683 125223 126909 132279 129828
Households Debt To GDP (% of GDP) 68.30 71 71 71 71 67
Households Debt To Income (%) 92.94 100 100 100 100 97
Personal Spending (%) -0.40 9.1 7.6 4.9 4.9 2.5
Bank Lending Rate (%) 2.26 2.21 2.21 2.21 2.21 2.21
Disposable Personal Income (EUR Million) 42612.40 41983 44505 44786 46448 45816
Gasoline Prices (USD/Liter) 1.94 1.71 1.62 1.43 1.47 1.39

Housing Actual Q2 Q3 Q4 Q1 2022
Construction Output (%) 11.70 4.1 3.6 4.5 4.5 2
Housing Index (points) 156.53 138 141 147 147 147
Home Ownership Rate (%) 73.90 73.4 73.4 73.4 73.4 73
Building Permits 2473.00 1740 1950 1450 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.