Markets Actual Q3 Q4 Q1 Q2 2022
Currency 1.17 1.17 1.16 1.16 1.15 1.14
Stock Market (points) 5424.16 5147 4999 4856 4716 4449
Government Bond 10Y (%) 0.32 0.29 0.32 0.35 0.39 0.47

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 4.90 3.6 1.5 0.7 0.6 0.6
GDP Annual Growth Rate (%) 15.50 7.5 5.1 8.4 6.5 2.3
Unemployment Rate (%) 6.70 6.9 7 6.8 6.7 6.5
Inflation Rate (%) 1.50 1.6 2 1.8 1.9 1.5
Inflation Rate Mom (%) -0.20 1.1 0.4 1.2 0.6 0.3
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -1493.09 -1470 -1310 -720 -740 -1490
Current Account (EUR Million) -211.08 320 -460 100 360 -230
Current Account to GDP (% of GDP) -1.20 -0.8 -0.8 -0.4 -0.4 -0.4
Government Debt to GDP (% of GDP) 133.60 127 127 122 122 122
Government Budget (% of GDP) -5.70 -6.8 -6.8 -3.2 -3.2 -3.2
Business Confidence (points) 1.80 1.7 2 1.6 1.4 1.9
Consumer Confidence (points) -11.90 -12 -8 -6 -4 -7
Retail Sales MoM (%) -0.40 -1 -0.7 1 0.9 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 Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 4.90 3.6 1.5 0.7 0.6 0.6
GDP Annual Growth Rate (%) 15.50 7.5 5.1 8.4 6.5 2.3
GDP (USD Billion) 231.26 210 210 230 230 230
GDP Constant Prices (EUR Million) 48987.90 51727 50670 50607 52172 51835
Gross Fixed Capital Formation (EUR Million) 9232.60 9696 9580 10227 9833 9800
GDP per capita (USD) 22769.68 23600 23600 24400 24400 24400
GDP per capita PPP (USD) 32181.15 33400 33400 34400 34400 34400
GDP From Agriculture (EUR Million) 949.70 968 953 1010 1011 975
GDP From Construction (EUR Million) 1991.30 2086 2054 2174 2121 2101
GDP From Manufacturing (EUR Million) 6300.00 6645 6502 6617 6710 6651
GDP From Services (EUR Million) 8004.90 8652 8393 7915 8525 8586
GDP From Transport (EUR Million) 3830.90 4089 4060 4024 4080 4153
GDP From Utilities (EUR Million) 1445.10 1588 1575 1609 1539 1611
Gross National Product (EUR Million) 49130.59 56117 55584 53258 52324 56863

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 6.70 6.9 7 6.8 6.7 6.5
Employment Rate (%) 55.30 54.2 54.1 54.4 54.3 54.5
Labor Force Participation Rate (%) 59.30 58.1 58.3 58.5 58.4 58.7
Long Term Unemployment Rate (%) 2.40 2.6 2.7 2.5 2.4 2.3
Youth Unemployment Rate (%) 23.50 23.7 23.8 23.6 23.5 23.4
Labour Costs (points) 115.70 111 129 114 120 132
Wages (EUR/Month) 1188.06 1265 1237 1238 1239 1269
Wages in Manufacturing (points) 144.37 113 153 118 134 157
Wage Growth (%) 8.40 5.1 4.2 4.3 3.6 2.5
Minimum Wages (EUR/Month) 775.83 776 776 785 785 785
Population (Million) 10.30 10.29 10.29 10.27 10.27 10.27
Retirement Age Women 66.50 66.5 66.5 66.58 66.58 66.58
Retirement Age Men 66.50 66.5 66.5 66.58 66.58 66.58
Productivity (points) 100.20 104 105 105 105 107
Employment Change (%) -0.80 0.3 0.3 0.3 0.3 0.3

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 1.50 1.6 2 1.8 1.9 1.5
Inflation Rate Mom (%) -0.20 1.1 0.4 1.2 0.6 0.3
Consumer Price Index CPI (points) 104.78 106 106 106 107 108
Harmonised Consumer Prices (points) 104.41 106 105 106 107 107
Core Consumer Prices (points) 104.08 105 105 106 106 107
Core Inflation Rate (%) 0.92 1 1.2 1.4 1.5 1.7
Producer Prices (points) 108.90 109 102 106 111 105
Producer Prices Change (%) 11.00 11 4.4 4.6 3.7 2.5
CPI Housing Utilities (points) 110.66 110 111 111 112 113
CPI Transportation (points) 105.57 101 102 104 106 104
Food Inflation (%) 0.60 1.2 1.5 1.4 1.6 1.8
GDP Deflator (%) 1.80 1.5 1.6 1.6 1.6 1.6

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.33 -0.33 0.44 -0.33 -0.33 -0.33
Money Supply M2 (EUR Million) 282132.30 285100 291200 294200 292900 295200
Banks Balance Sheet (EUR Million) 469173.40 466800 469100 468700 472400 476100
Loans to Private Sector (EUR Million) 76508.20 76856 77294 78731 79215 79768
Loan Growth (%) 5.90 6.5 4.5 5.1 4.2 3.2
Private Debt to GDP (%) 253.90 255 255 251 251 251
Central Bank Balance Sheet (EUR Million) 215509.00 209900 211800 215800 214600 221200

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (EUR Million) -1493.09 -1470 -1310 -720 -740 -1490
Current Account (EUR Million) -211.08 320 -460 100 360 -230
Current Account to GDP (% of GDP) -1.20 -0.8 -0.8 -0.4 -0.4 -0.4
Imports (EUR Million) 7116.89 6590 5910 6710 5690 6380
Exports (EUR Million) 5623.80 5120 4600 5990 4950 4890
External Debt (EUR Million) 415928.00 424200 432300 436400 434200 436600
Capital Flows (EUR Million) 2227.43 460 210 210 210 440
Foreign Direct Investment (EUR Million) 915.50 190 220 260 320 380
Tourism Revenues (EUR Million) 687.01 1050 650 760 1200 850
Gold Reserves (Tonnes) 382.57 383 383 383 383 383
Tourist Arrivals (Persons) 1854442.00 2101000 1552000 1552000 3622000 1954000

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 133.60 127 127 122 122 122
Government Budget (% of GDP) -5.70 -6.8 -6.8 -3.2 -3.2 -3.2
Government Budget Value (EUR Million) -7619.60 -8700 -3810 1600 -10300 -5660
Government Spending (EUR Million) 8752.90 9200 9058 9237 9322 9267
Government Spending to GDP (% of GDP) 48.40 48 48 48 46 46
Government Revenues (EUR Million) 25634.00 39200 52120 14500 29900 55440
Government Debt (EUR Million) 275285.00 277900 278400 279100 278900 283000
Fiscal Expenditure (EUR Million) 27920.00 47900 62060 12900 40200 61100

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 1.80 1.7 2 1.6 1.4 1.9
Industrial Production (%) 0.50 4.2 5.1 5.6 4.8 3.8
Industrial Production Mom (%) 3.40 -1.1 0.7 -0.6 0.5 0.5
Manufacturing Production (%) -0.20 6.5 5.5 5.9 4.8 3.7
Capacity Utilization (%) 79.52 72 75 75 75 79
Car Registrations 7971.00 16400 17100 15100 18900 21100
Leading Economic Index (%) 2.70 7.2 5.1 5.5 4.9 3.6
Car Production (Units) 11884.00 32800 15900 27900 25600 21500

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) -11.90 -12 -8 -6 -4 -7
Retail Sales MoM (%) -0.40 -1 -0.7 1 0.9 0.6
Retail Sales YoY (%) 2.60 4.5 4.8 5.4 4.6 3.2
Consumer Spending (EUR Million) 31865.90 32972 32122 31742 33937 32860
Personal Savings (%) 14.20 8.5 7.1 7.6 7.7 8
Consumer Credit (EUR Million) 123052.00 128818 126909 131550 130533 129828
Households Debt To GDP (% of GDP) 68.30 71 71 67 67 67
Households Debt To Income (%) 92.93 100 100 97 97 97
Personal Spending (%) 7.10 7.6 4.9 5.6 4.5 3.6
Bank Lending Rate (%) 2.20 2.2 2.2 2.2 2.2 2.2
Disposable Personal Income (EUR Million) 41849.00 45908 44736 45364 44569 45765
Gasoline Prices (USD/Liter) 1.96 1.86 1.77 1.68 1.6 1.52

Housing Actual Q3 Q4 Q1 Q2 2022
Construction Output (%) 2.00 4.6 4.5 5.1 4.2 3.6
Housing Index (points) 159.10 156 160 162 162 162
Home Ownership Rate (%) 73.90 73.4 73.4 73.4 73.4 73
Building Permits 1937.00 2150 1980 2450 2250 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.