Markets Actual Q1 Q2 Q3 Q4 2020
Currency 1.10 1.11 1.1 1.1 1.1 1.09
Stock Market (points) 5286.48 5169 5117 5066 5014 4914
Government Bond 10Y (%) 0.34 0.39 0.43 0.47 0.52 0.63
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.30 0.4 0.4 0.5 0.4 0.4
GDP Annual Growth Rate (%) 1.90 1.8 1.7 1.7 1.8 1.7
Unemployment Rate (%) 6.10 6.8 6.8 5.7 6 5.8
Inflation Rate (%) 0.40 0.8 1.1 1 1.2 1.5
Inflation Rate Mom (%) -0.10 1.1 0.1 0.5 0.3 0.4
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -1734.52 -1580 -1720 -1700 -1460 -1440
Current Account (EUR Million) -116.20 -180 -40 190 -90 -120
Current Account to GDP (%) 0.10 -0.8 -0.8 -0.8 -0.8 -1
Government Debt to GDP (%) 122.20 117 117 117 117 115
Government Budget (% of GDP) -0.40 0.2 0.2 0.2 0.2 0.5
Business Confidence (points) 2.10 1.9 2.3 2.1 1.8 1.8
Consumer Confidence (points) -7.20 -8 -9 -8 -6 -6.6
Retail Sales MoM (%) 0.80 1 -0.7 -1.4 -1.2 -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 Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.30 0.4 0.4 0.5 0.4 0.4
GDP Annual Growth Rate (%) 1.90 1.8 1.7 1.7 1.8 1.7
GDP (USD Billion) 237.98 251 251 251 251 259
GDP Constant Prices (EUR Million) 50486.50 50339 50618 50773 51395 52269
Gross Fixed Capital Formation (EUR Million) 9072.00 9264 9249 9123 9235 9392
GDP per capita (USD) 23737.70 25100 25100 25100 25100 25700
GDP per capita PPP (USD) 28687.50 29600 29600 29600 29600 29600
GDP From Agriculture (EUR Million) 1021.80 1007 1019 1028 1040 1058
GDP From Construction (EUR Million) 1902.30 1924 1906 1913 1937 1969
GDP From Manufacturing (EUR Million) 6156.30 6265 6256 6191 6267 6374
GDP From Services (EUR Million) 8831.70 8819 8854 8882 8991 9144
GDP From Transport (EUR Million) 3735.00 3685 3742 3756 3802 3867
GDP From Utilities (EUR Million) 1540.00 1575 1569 1549 1568 1594
Gross National Product (EUR Million) 53814.68 50352 52758 54120 54783 55715
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 6.10 6.8 6.8 5.7 6 5.8
Employed Persons (Thousand ) 4840.60 4960 4960 4960 4990 5110
Unemployed Persons (Thousand ) 351.60 291 291 291 275 275
Part Time Employment (Thousand) 490.30 585 585 585 600 615
Full Time Employment (Thousand) 4457.50 4470 4470 4470 4510 4590
Employment Rate (%) 55.80 55.2 55.6 55.9 55.7 55.7
Labor Force Participation Rate (%) 59.50 59.1 59.4 59.6 59.4 59.5
Long Term Unemployment Rate (%) 2.80 3.2 3.2 2.1 2.4 2.4
Youth Unemployment Rate (%) 19.00 18.6 18.6 17.5 17.8 17.8
Labour Costs (points) 97.80 99.21 107 100 99.95 102
Job Vacancies 7132.00 16250 16250 16250 10412 10450
Wages (EUR/Month) 1188.06 1201 1201 1200 1196 1223
Wage Growth (%) 3.30 2.6 2.6 2.5 2.2 2.2
Wages in Manufacturing (points) 139.97 111 127 110 110 112
Minimum Wages (EUR/Month) 700.00 741 741 741 741 780
Population (Million) 10.29 10.25 10.25 10.25 10.25 10.23
Retirement Age Women 66.42 66.42 66.42 66.42 66.42 66.42
Retirement Age Men 66.42 66.42 66.42 66.42 66.42 66.42
Wages High Skilled (EUR/Month) 1430.00 1467 1467 1466 1461 1494
Unemployment Change 5942.00 -7800 -7800 -4800 -2600 -1800
Wages Low Skilled (EUR/Month) 659.00 676 676 675 674 688
Productivity (points) 111.70 100 100 100 104 104
Living Wage Family (EUR/Month) 990.00 1016 1016 1015 1012 1034
Living Wage Individual (EUR/Month) 670.00 687 687 687 685 700
Employment Change (%) 0.30 0.4 0.3 0.4 0.5 0.3
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 0.40 0.8 1.1 1 1.2 1.5
Inflation Rate Mom (%) -0.10 1.1 0.1 0.5 0.3 0.4
Harmonised Consumer Prices (points) 103.40 104 106 106 105 106
Consumer Price Index CPI (points) 104.09 105 106 105 105 107
Core Consumer Prices (points) 104.21 105 106 105 106 107
Core Inflation Rate (%) 0.36 0.4 0.6 0.8 1.1 1.7
Producer Prices (points) 101.60 104 105 104 104 105
Producer Prices Change (%) -1.60 0.7 1 0.9 1.4 1.6
CPI Housing Utilities (points) 108.76 109 110 109 110 112
CPI Transportation (points) 102.63 102 103 103 104 105
Food Inflation (%) 0.16 0.6 0.9 1.1 1.5 1.8
GDP Deflator (%) 1.50 1.7 1.7 1.21 1.8 1.7
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.38 -0.4 -0.4 -0.4 -0.4 -0.4
Money Supply M2 (EUR Million) 234668.00 249100 251100 255400 263300 275200
Banks Balance Sheet (EUR Million) 368193.00 392200 398200 406300 411200 419100
Loans to Private Sector (EUR Million) 68153.00 69719 70654 69510 70194 71387
Private Debt to GDP (%) 248.20 244 244 244 244 240
Loan Growth (%) 0.30 1.5 1.5 1.6 1.7 1.7
Central Bank Balance Sheet (EUR Million) 110535.00 127400 127400 136400 144240 144240
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (EUR Million) -1734.52 -1580 -1720 -1700 -1460 -1440
Current Account (EUR Million) -116.20 -180 -40 190 -90 -120
Current Account to GDP (%) 0.10 -0.8 -0.8 -0.8 -0.8 -1
Imports (EUR Million) 6979.67 7120 6820 6980 6310 6590
Exports (EUR Million) 5245.16 5540 5100 5280 4650 4890
External Debt (EUR Million) 415500.00 419100 419100 421869 423300 426300
Capital Flows (EUR Million) 384.63 510 510 510 287 320
Foreign Direct Investment (EUR Million) 537.15 380 550 450 120 180
Remittances (EUR Million) 288.28 295 295 295 402 415
Tourism Revenues (EUR Million) 984.40 1200 1510 2050 1400 1600
Gold Reserves (Tonnes) 382.54 383 383 383 383 383
Tourist Arrivals 2763402.00 3120000 3120000 4910000 2153000 2452000
Weapons Sales (USD Million) 3.00 50 50 50 50 50
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 122.20 117 117 117 117 115
Government Budget (% of GDP) -0.40 0.2 0.2 0.2 0.2 0.5
Government Budget Value (EUR Million) -4507.00 -800 -3500 -2000 -3310 -3810
Government Spending (EUR Million) 8331.70 8366 8372 8379 8482 8626
Government Spending to GDP (%) 44.00 44 44 44 44 43.8
Government Revenues (EUR Million) 44917.00 12400 24700 39200 51250 52120
Government Debt (EUR Million) 252278.00 267000 268500 269100 271000 276000
Fiscal Expenditure (EUR Million) 49424.00 13200 28200 41200 57560 59060
Military Expenditure (USD Million) 3969.00 4334 4334 4334 4334 4334
Asylum Applications (persons) 175.00 70 70 70 85 70
Taxes Actual Q1 Q2 Q3 Q4 2020
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 Q1 Q2 Q3 Q4 2020
Business Confidence (points) 2.10 1.9 2.3 2.1 1.8 1.8
Industrial Production (%) 0.20 1.2 1.4 1.5 1.2 1.6
Industrial Production Mom (%) -0.60 1.1 -1.8 -1.2 0.5 0.4
Manufacturing Production (%) -0.70 0.9 1.1 1.4 1.1 1.5
Capacity Utilization (%) 77.63 81 81 81 81.4 81.5
Changes in Inventories (EUR Million) 490.87 55 55 55 88 95
Car Registrations 17726.00 29400 29400 16600 22420 25180
Leading Economic Index (%) 1.90 2.1 2.1 2 2.4 2.5
Mining Production (%) 3.50 1.5 2 1.7 2 1.4
Car Production (Units) 25857.00 24100 24100 26500 21200 20600
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (points) -7.20 -8 -9 -8 -6 -6.6
Retail Sales MoM (%) 0.80 1 -0.7 -1.4 -1.2 -0.7
Retail Sales YoY (%) 3.70 2.5 2.2 1.9 2.2 2.3
Consumer Spending (EUR Million) 32028.70 31664 31846 32210 32605 33160
Personal Savings (%) 6.20 5.7 6.2 6.5 6.7 7.1
Consumer Credit (EUR Million) 118836.00 115808 116339 118875 120798 122851
Personal Spending (%) 2.70 2.1 1.7 2 1.9 2.3
Bank Lending Rate (%) 2.56 2.62 2.62 2.62 2.62 2.62
Disposable Personal Income (EUR Million) 43886.00 43542 44275 44135 44676 45435
Gasoline Prices (USD/Liter) 1.67 1.83 1.88 1.92 1.97 1.97
Households Debt To GDP (% of GDP) 65.40 57.8 57.8 57.8 57.8 54
Households Debt To Income (%) 98.26 91.9 91.9 91.9 91.9 86
Housing Actual Q1 Q2 Q3 Q4 2020
Construction Output (%) 1.70 2 2 2.2 1.8 1.5
Housing Index (points) 143.12 145 138 145 149 154
Building Permits 1762.00 1720 1720 1880 1620 1790
Home Ownership Rate (%) 74.50 73.8 73.8 73.8 73.8 73.4


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.