Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1.19 1.19 1.18 1.18 1.17 1.16
Stock Market (points) 4585.62 4480 4391 4304 4218 4046
Government Bond 10Y (%) 0.02 0.04 0.04 0.05 0.05 0.06

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 13.30 -2.8 1.7 2.2 1.6 1
GDP Annual Growth Rate (%) -5.70 -5.6 -2.1 10.2 8.5 5.9
Unemployment Rate (%) 7.80 10 10.8 8.8 8.4 8
Inflation Rate (%) -0.10 0.1 0.5 0.9 1.2 1.1
Inflation Rate Mom (%) 0.10 0.3 1.1 0.1 0.3 0.4
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -1088.00 -1460 -1550 -600 -1940 -1440
Current Account (EUR Million) -111.02 -350 -200 -40 250 -220
Current Account to GDP (%) -0.10 -0.8 -0.2 -0.2 -0.2 -0.2
Government Debt to GDP (%) 117.20 132 124 124 124 124
Government Budget (% of GDP) 0.10 -7 -2.6 -2.6 -2.6 -2.6
Business Confidence (points) 0.00 -1.8 -1.2 -0.5 -0.3 0.1
Consumer Confidence (points) -25.50 -16 -17 -12 -10 -12
Retail Sales MoM (%) 1.90 -1.2 1.3 0.8 -1 -0.7
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 2021
GDP Growth Rate (%) 13.30 -2.8 1.7 2.2 1.6 1
GDP Annual Growth Rate (%) -5.70 -5.6 -2.1 10.2 8.5 5.9
GDP (USD Billion) 237.69 175 210 210 210 210
GDP Constant Prices (EUR Million) 47929.30 48150 48058 46597 45878 50991
Gross Fixed Capital Formation (EUR Million) 8306.60 8481 8925 9154 9013 8982
GDP per capita (USD) 24590.40 22700 23600 23600 23600 23600
GDP per capita PPP (USD) 34798.00 32600 33400 33400 33400 33400
GDP From Agriculture (EUR Million) 1026.80 966 1004 1132 1114 1023
GDP From Construction (EUR Million) 1998.80 1802 1918 2203 2169 1908
GDP From Manufacturing (EUR Million) 4738.00 5830 5881 5221 5141 6174
GDP From Services (EUR Million) 6405.80 8459 8145 7059 6950 8958
GDP From Transport (EUR Million) 3090.20 3547 3583 3405 3353 3756
GDP From Utilities (EUR Million) 1464.00 1550 1491 1613 1588 1642
Gross National Product (EUR Million) 46294.19 51580 49496 51016 50229 54623

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 7.80 10 10.8 8.8 8.4 8
Employment Rate (%) 53.90 52.2 52.6 53 53.4 53.8
Labor Force Participation Rate (%) 58.40 59.4 59.4 59.4 59.4 59.5
Long Term Unemployment Rate (%) 1.70 4.6 5.4 3.4 3 2.6
Youth Unemployment Rate (%) 24.00 29.2 30 28 27.6 27.2
Labour Costs (points) 118.10 117 109 98.11 99.6 120
Wages (EUR/Month) 1188.06 1205 1161 1176 1194 1237
Wages in Manufacturing (points) 107.50 154 146 109 106 158
Wage Growth (%) -7.50 -2.3 -1 0.5 1.2 1.5
Minimum Wages (EUR/Month) 740.83 741 780 780 780 780
Population (Million) 10.28 10.25 10.23 10.23 10.23 10.23
Retirement Age Women 66.42 66.42 66.5 66.5 66.5 66.5
Retirement Age Men 66.42 66.42 66.5 66.5 66.5 66.5
Productivity (points) 113.00 101 102 102 104 105
Unemployment Change -6620.00 2600 -1600 -2220 -2220 -1800
Employment Change (%) -3.40 -0.6 0.2 0.4 0.3 0.3

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) -0.10 0.1 0.5 0.9 1.2 1.1
Inflation Rate Mom (%) 0.10 0.3 1.1 0.1 0.3 0.4
Consumer Price Index CPI (points) 104.31 104 105 106 105 105
Harmonised Consumer Prices (points) 103.80 104 104 106 105 105
Core Consumer Prices (points) 104.53 107 105 105 106 109
Core Inflation Rate (%) -0.09 0.5 0.8 0.9 1 1.2
Producer Prices (points) 98.20 108 102 98.98 99.08 110
Producer Prices Change (%) -4.60 -1.2 0.5 1.1 1 1.4
CPI Housing Utilities (points) 108.38 109 110 109 110 110
CPI Transportation (points) 98.84 103 100 101 100 104
Food Inflation (%) 2.50 1.5 1.6 1.6 1.7 1.9
GDP Deflator (%) 4.50 1.2 1.1 1.4 1.5 1.6

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.33 -0.06 -0.33 -0.33 -0.33 0.44
Money Supply M2 (EUR Million) 253322.20 259100 264300 263800 265100 271200
Banks Balance Sheet (EUR Million) 443590.60 451200 455100 454800 456800 457100
Loans to Private Sector (EUR Million) 72165.00 73231 73234 73990 73524 74476
Loan Growth (%) 7.80 9.1 8.5 4.4 2.5 1.7
Private Debt to GDP (%) 248.20 257 255 255 255 255
Central Bank Balance Sheet (EUR Million) 138665.00 141200 145100 144900 145900 147800

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (EUR Million) -1088.00 -1460 -1550 -600 -1940 -1440
Current Account (EUR Million) -111.02 -350 -200 -40 250 -220
Current Account to GDP (%) -0.10 -0.8 -0.2 -0.2 -0.2 -0.2
Imports (EUR Million) 6059.57 5810 5950 5250 6790 6010
Exports (EUR Million) 4971.66 4250 4400 4650 4850 4600
External Debt (EUR Million) 414452.00 434300 437800 436700 434200 432300
Capital Flows (EUR Million) 543.70 -220 250 180 460 210
Foreign Direct Investment (EUR Million) 1014.49 -640 140 250 190 220
Tourism Revenues (EUR Million) 1455.94 250 810 1050 1320 650
Gold Reserves (Tonnes) 382.50 383 383 383 383 383
Tourist Arrivals (Persons) 1519308.00 1119000 1753000 3203000 4101000 1952000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 117.20 132 124 124 124 124
Government Budget (% of GDP) 0.10 -7 -2.6 -2.6 -2.6 -2.6
Government Budget Value (EUR Million) -6556.00 -3310 -18310 -10200 -15600 -3810
Government Spending (EUR Million) 8067.20 9200 9400 9100 8900 9000
Government Spending to GDP (%) 42.70 48 46 46 46 46
Government Revenues (EUR Million) 34114.00 47250 9700 23600 39200 52120
Government Debt (EUR Million) 259887.00 271100 275200 274400 273900 273400
Fiscal Expenditure (EUR Million) 36025.00 65560 19900 39200 47900 62060

Taxes Actual Q4 Q1 Q2 Q3 2021
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 2021
Business Confidence (points) 0.00 -1.8 -1.2 -0.5 -0.3 0.1
Industrial Production (%) 2.90 -3.2 6.1 11.5 4.2 5.1
Industrial Production Mom (%) -3.80 -0.6 0.7 0.3 -1.1 0.7
Manufacturing Production (%) 0.60 -3.8 6.7 12 4.5 5.5
Capacity Utilization (%) 79.14 65 66 69 72 75
Car Registrations 13679.00 14900 9800 16200 16400 17100
Leading Economic Index (%) -6.70 -3 5.1 9.5 7.2 5.1
Car Production (Units) 12077.00 15100 13200 20200 26800 18900

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -25.50 -16 -17 -12 -10 -12
Retail Sales MoM (%) 1.90 -1.2 1.3 0.8 -1 -0.7
Retail Sales YoY (%) 0.20 -2.4 3.4 5.1 1.8 4.8
Consumer Spending (EUR Million) 26790.60 30280 30501 29523 29068 32066
Personal Savings (%) 10.60 8 7.5 7 6.8 7.1
Consumer Credit (EUR Million) 119831.00 112175 116375 131114 129678 118793
Households Debt To GDP (% of GDP) 64.00 73 71 71 71 71
Households Debt To Income (%) 92.94 102 100 100 100 100
Personal Spending (%) -4.90 -4 4.8 9.1 7.6 4.9
Bank Lending Rate (%) 2.08 3.01 2.07 2.07 2.07 3.51
Disposable Personal Income (EUR Million) 37087.60 41421 40801 40871 40240 43865
Gasoline Prices (USD/Liter) 1.61 1.51 1.46 1.39 1.32 1.43

Housing Actual Q4 Q1 Q2 Q3 2021
Construction Output (%) -1.40 -2 1.5 4.1 3.6 4.5
Housing Index (points) 152.50 142 136 138 141 147
Home Ownership Rate (%) 74.50 73.8 73.4 73.4 73.4 73.4
Building Permits 2142.00 1320 1650 1740 1950 1450


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.