Markets Actual Q4 Q1 Q2 Q3 2022
Currency 1.16 1.16 1.15 1.15 1.15 1.14
Stock Market (points) 5691.16 5612 5454 5301 5152 4866
Government Bond 10Y (%) 0.38 0.46 0.51 0.56 0.61 0.74

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 4.50 1.5 0.7 0.6 0.7 0.6
GDP Annual Growth Rate (%) 16.20 5.1 8.4 6.5 4.6 2.3
Unemployment Rate (%) 6.70 7 6.8 6.7 6.6 6.5
Inflation Rate (%) 1.50 2 1.8 1.9 1.6 1.5
Inflation Rate Mom (%) 0.90 0.4 1.2 0.6 0.7 0.3
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -1754.19 -1310 -720 -740 -1340 -1490
Current Account (EUR Million) 448.80 -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) 1.60 2 1.6 1.4 1.7 1.9
Consumer Confidence (points) -9.90 -8 -6 -4 -6 -7
Retail Sales MoM (%) 0.30 -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 (%) 4.50 1.5 0.7 0.6 0.7 0.6
GDP Annual Growth Rate (%) 16.20 5.1 8.4 6.5 4.6 2.3
GDP (USD Billion) 231.26 240 260 260 260 260
GDP Constant Prices (EUR Million) 48465.50 48724 50388 50267 51616 51547
Gross Fixed Capital Formation (EUR Million) 9157.50 8596 9496 10036 9753 9714
GDP per capita (USD) 22769.68 23600 24400 24400 24400 24400
GDP per capita PPP (USD) 32181.15 33400 34400 34400 34400 34400
GDP From Agriculture (EUR Million) 1014.80 878 1002 1072 1081 1025
GDP From Construction (EUR Million) 1981.50 1759 2048 2159 2110 2095
GDP From Manufacturing (EUR Million) 6241.60 5978 6497 6673 6647 6647
GDP From Services (EUR Million) 7562.70 9150 7638 7235 8054 7814
GDP From Transport (EUR Million) 3723.90 3505 3906 3981 3966 3996
GDP From Utilities (EUR Million) 1543.40 1323 1677 1724 1644 1716
Gross National Product (EUR Million) 52684.79 54250 54981 52548 56109 56246

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 6.70 7 6.8 6.7 6.6 6.5
Employment Rate (%) 55.30 55.1 55.4 55.3 55.4 55.5
Labor Force Participation Rate (%) 59.30 59.3 59.5 59.4 59.6 59.7
Long Term Unemployment Rate (%) 2.40 2.3 2.7 2.5 2.4 2.3
Youth Unemployment Rate (%) 22.60 12.5 22.9 22.7 22.6 22.5
Labour Costs (points) 115.70 120 129 114 120 132
Wages (EUR/Month) 1188.06 1237 1238 1239 1231 1269
Wages in Manufacturing (points) 129.58 153 118 134 133 157
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) 98.80 104 104 105 106 107

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 1.50 2 1.8 1.9 1.6 1.5
Inflation Rate Mom (%) 0.90 0.4 1.2 0.6 0.7 0.3
Consumer Price Index CPI (points) 105.74 106 106 107 107 108
Harmonised Consumer Prices (points) 105.29 105 106 107 107 107
Core Consumer Prices (points) 105.30 106 106 107 107 107
Core Inflation Rate (%) 0.85 1.5 2 1.7 1.3 1.3
Producer Prices (points) 111.20 110 111 112 115 112
Producer Prices Change (%) 13.30 12 9 5.2 3.1 2
CPI Housing Utilities (points) 110.91 111 111 112 113 113
CPI Transportation (points) 105.54 106 107 108 109 109
Food Inflation (%) 0.60 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
Interbank Rate (%) -0.55 -0.55 -0.55 -0.55 -0.55 -0.55
Money Supply M2 (EUR Million) 284388.60 291200 294200 292900 293600 295200
Banks Balance Sheet (EUR Million) 469173.40 469100 468700 472400 474500 476100
Loans to Private Sector (EUR Million) 76158.40 77294 78731 79215 78976 79768
Loan Growth (%) 5.20 4.5 5.1 4.2 3.7 3.2
Private Debt to GDP (%) 253.90 255 251 251 251 251
Central Bank Balance Sheet (EUR Million) 217537.00 221800 225800 224600 223700 221200

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (EUR Million) -1754.19 -1310 -720 -740 -1340 -1490
Current Account (EUR Million) 448.80 -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) 6118.65 5910 6710 5690 6740 6380
Exports (EUR Million) 4364.47 4600 5990 4950 5400 4890
External Debt (EUR Million) 415928.00 432300 436400 434200 435100 436600
Foreign Direct Investment (EUR Million) 1680.48 220 260 320 290 380
Tourism Revenues (EUR Million) 2014.00 650 760 1200 1360 850
Gold Reserves (Tonnes) 382.57 383 383 383 383 383
Tourist Arrivals (Persons) 3288095.00 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) -7436.00 -9940 1600 -10300 -6000 -5660
Government Spending (EUR Million) 8879.90 9000 9176 9337 9457 9100
Government Spending to GDP (% of GDP) 48.40 48 48 46 46 46
Government Revenues (EUR Million) 30047.60 52120 14500 29900 42500 55440
Government Debt (EUR Million) 277508.00 278400 279100 278900 280800 283000
Fiscal Expenditure (EUR Million) 27920.00 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) 1.60 2 1.6 1.4 1.7 1.9
Industrial Production (%) -9.10 5.1 5.6 4.8 4.4 3.8
Industrial Production Mom (%) -1.40 0.7 -0.6 0.5 -0.8 0.5
Manufacturing Production (%) -7.10 5.5 5.9 4.8 4.3 3.7
Capacity Utilization (%) 79.52 79.1 78.8 79 79.4 80
Car Registrations 10786.00 17100 15100 18900 18900 21100
Leading Economic Index (%) 2.10 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) -9.90 -8 -6 -4 -6 -7
Retail Sales MoM (%) 0.30 -0.7 1 0.9 -0.8 0.6
Retail Sales YoY (%) 3.10 4.8 5.4 4.6 3.8 3.2
Consumer Spending (EUR Million) 31357.90 31490 32010 31600 33396 32746
Personal Savings (%) 14.20 7.1 7.6 7.7 8.1 8
Consumer Credit (EUR Million) 123483.60 126909 131550 130533 129164 129828
Households Debt To GDP (% of GDP) 69.40 71 67 67 67 67
Households Debt To Income (%) 92.93 100 97 97 97 97
Personal Spending (%) 6.20 4.9 5.6 4.5 4 3.6
Bank Lending Rate (%) 2.20 2.2 2.2 2.2 2.2 2.2
Disposable Personal Income (EUR Million) 43534.30 44736 45364 46364 45537 45765
Gasoline Prices (USD/Liter) 1.96 1.86 1.77 1.68 1.6 1.52

Housing Actual Q4 Q1 Q2 Q3 2022
Construction Output (%) 2.80 4.5 5.1 4.2 3.8 3.6
Housing Index (points) 162.54 160 162 166 165 162
Home Ownership Rate (%) 73.90 73.4 73 73 73 73
Building Permits 1937.00 1980 2450 2250 2420 2100


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.