Indicators of economy in Portugal

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Portugal in 2020 decreased moderatly from 239.99 billion US dollars to 229.03 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 4.6 percent is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 57 percent. The unemployment rate rose from 6.5 to 6.8 percent. The country's gross debt increased by 10.4 percent. The inflation rate fell from 0.3 percent previously to zero percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 253.66 billion US dollars (=105.7% of 2019).

Income and purchasing power

The average monthly income in Portugal is 1,991 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 30.4 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Portugal than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 51.6 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Portugal ranked 32nd in 2022 with 42.1 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 4 originate from Portugal. This is determined annually in the Forbes Global 2000 list. The 4 largest companies in the country in 2022 were:

Rank 666: Edp-energias De Portugal (Lisbon)
Rank 1228: Jeronimo Martins (Lisbon)
Rank 1375: Galp Energia (Lisbon)
Rank 1652: Banco Comercial Portugues (Porto)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2022

Imports and Exports 2021

Development of imports and exports in billions of USD 1975 - 2021