Markets Actual Q2 Q3 Q4 Q1 2022
Currency 1.22 1.21 1.21 1.2 1.2 1.19
Stock Market (points) 5149.22 4990 4891 4794 4698 4507
Government Bond 10Y (%) 0.51 0.57 0.63 0.69 0.76 0.9

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) -3.30 1.5 4 1 0.6 0.6
GDP Annual Growth Rate (%) -5.40 13.2 6.5 5.9 5.9 2
Unemployment Rate (%) 7.10 8.8 9.4 8.6 8.3 7.5
Inflation Rate (%) 0.50 0.9 1.2 1.1 1.3 1.4
Inflation Rate Mom (%) 0.40 0.1 0.3 0.4 0.4 0.4
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -707.60 -1460 -1550 -1440 -1440 -1440
Current Account (EUR Million) -52.49 -40 250 -220 -220 -100
Current Account to GDP (%) -1.20 -0.2 -0.2 -0.2 -0.2 0.1
Government Debt to GDP (%) 133.60 130 130 130 128 128
Government Budget (% of GDP) -5.70 -4.3 -4.3 -4.3 -3.2 -3.2
Business Confidence (points) -0.50 -0.5 -0.3 0.1 0.1 0.8
Consumer Confidence (points) -21.00 -12 -10 -12 -12 -10
Retail Sales MoM (%) 2.20 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 1.5 4 1 0.6 0.6
GDP Annual Growth Rate (%) -5.40 13.2 6.5 5.9 5.9 2
GDP (USD Billion) 237.69 210 210 210 210 230
GDP Constant Prices (EUR Million) 46644.70 47865 51045 50985 50985 52005
Gross Fixed Capital Formation (EUR Million) 8988.00 9403 9585 9518 9518 9709
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) 889.10 1162 1003 942 942 960
GDP From Construction (EUR Million) 1957.20 2263 2087 2073 2073 2114
GDP From Manufacturing (EUR Million) 6186.20 5363 6585 6551 6551 6682
GDP From Services (EUR Million) 8023.40 7251 8529 8497 8497 8667
GDP From Transport (EUR Million) 3859.20 3498 4054 4087 4087 4169
GDP From Utilities (EUR Million) 1498.70 1657 1583 1587 1587 1619
Gross National Product (EUR Million) 52892.41 52405 55450 56013 56013 57133

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 7.10 8.8 9.4 8.6 8.3 7.5
Employment Rate (%) 54.50 53 53.4 53.8 53.8 54.5
Labor Force Participation Rate (%) 58.70 59.4 59.4 59.5 59.5 59.5
Long Term Unemployment Rate (%) 2.40 3.2 4.1 2.3 3.9 3.1
Youth Unemployment Rate (%) 23.00 25.4 26.3 12.5 26.1 25.3
Labour Costs (points) 123.90 117 109 120 120 120
Wages (EUR/Month) 1188.06 1205 1161 1237 1237 1237
Wages in Manufacturing (points) 107.98 154 146 158 158 158
Wage Growth (%) -4.10 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
Employment Change (%) 1.90 0.4 0.3 0.3 0.3 0.3
Productivity (points) 100.20 102 104 105 105 107
Unemployment Change 3967.00 -2220 -2220 -1800 -1800 -2800

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 0.50 0.9 1.2 1.1 1.3 1.4
Inflation Rate Mom (%) 0.40 0.1 0.3 0.4 0.4 0.4
Consumer Price Index CPI (points) 104.52 106 105 105 106 106
Harmonised Consumer Prices (points) 103.80 106 105 104 105 106
Core Consumer Prices (points) 104.41 107 105 109 109 109
Core Inflation Rate (%) 0.14 0.9 1 1.2 1.2 1.6
CPI Housing Utilities (points) 109.05 109 110 110 110 111
CPI Transportation (points) 102.35 101 100 101 104 103
Food Inflation (%) 0.80 1.2 1.7 1.9 1 1.8
GDP Deflator (%) 1.90 1.4 1.5 1.6 1.6 1.6
Producer Prices (points) 101.85 98.98 99.09 110 101 101
Producer Prices Change (%) 0.70 1.1 1 1.4 1.4 1.7

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) 263660.00 263800 265100 271200 271200 282200
Banks Balance Sheet (EUR Million) 448962.40 454800 456800 457100 457100 469100
Loans to Private Sector (EUR Million) 74910.40 73990 73969 78256 76056 79586
Central Bank Balance Sheet (EUR Million) 202205.00 144900 145900 147800 147800 154200
Loan Growth (%) 9.60 4.4 2.5 2.5 2.5 1.7
Private Debt to GDP (%) 236.00 255 255 255 255 251

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (EUR Million) -707.60 -1460 -1550 -1440 -1440 -1440
Current Account (EUR Million) -52.49 -40 250 -220 -220 -100
Current Account to GDP (%) -1.20 -0.2 -0.2 -0.2 -0.2 0.1
Imports (EUR Million) 5718.14 5250 6790 6010 6010 6380
Exports (EUR Million) 5011.54 4650 4850 4600 4600 4890
External Debt (EUR Million) 410349.00 436700 434200 432300 432300 436600
Capital Flows (EUR Million) 815.25 180 460 210 210 440
Foreign Direct Investment (EUR Million) 600.38 250 190 220 220 380
Tourism Revenues (EUR Million) 519.55 1050 1320 650 650 980
Gold Reserves (Tonnes) 382.57 383 383 383 383 383
Tourist Arrivals (Persons) 142953.00 3203000 4101000 1952000 1952000 1952000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 133.60 130 130 130 128 128
Government Budget (% of GDP) -5.70 -4.3 -4.3 -4.3 -3.2 -3.2
Government Budget Value (EUR Million) -3000.40 -3310 -18310 -3810 -3810 -3810
Government Spending (EUR Million) 8664.80 9100 8900 9000 9000 9100
Government Spending to GDP (%) 42.70 46 46 46 46 44
Government Revenues (EUR Million) 10345.30 23600 39200 52120 52120 55440
Government Debt (EUR Million) 270492.00 274400 273900 273400 273400 277000
Fiscal Expenditure (EUR Million) 4154.00 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 -0.5 -0.3 0.1 0.1 0.8
Industrial Production (%) 5.00 11.5 4.2 5.1 5.1 2.6
Industrial Production Mom (%) -0.90 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 12699.00 16200 16400 17100 17100 21100
Leading Economic Index (%) -2.80 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) -21.00 -12 -10 -12 -12 -10
Retail Sales MoM (%) 2.20 0.8 -1 -0.7 -0.7 0.1
Retail Sales YoY (%) -0.10 5.1 1.8 4.8 4.8 2.5
Consumer Spending (EUR Million) 30463.90 30327 32505 32261 32261 32906
Personal Savings (%) 12.80 10 8.5 7.1 7.6 8
Consumer Credit (EUR Million) 121356.50 134683 127620 127875 128095 130433
Disposable Personal Income (EUR Million) 42612.40 41983 45357 45127 45127 46029
Bank Lending Rate (%) 2.21 2 2 2 2 2
Gasoline Prices (USD/Liter) 1.91 1.71 1.62 1.43 1.47 1.39
Households Debt To GDP (% of GDP) 67.10 71 71 71 71 67
Households Debt To Income (%) 92.94 100 100 100 100 97
Personal Spending (%) -0.30 9.1 7.6 4.9 4.9 2.5

Housing Actual Q2 Q3 Q4 Q1 2022
Construction Output (%) -4.80 4.1 3.6 4.5 4.5 2
Housing Index (points) 156.53 138 141 147 147 147
Building Permits 1606.00 1740 1950 1450 1450 1680
Home Ownership Rate (%) 73.90 73.4 73.4 73.4 73.4 73


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.