Portugal ranked 46/197 by economy size with a GDP of $313B and 44/197 by GDP per capita at $29,292. Portugal has $297B in government debt, with a debt-to-GDP ratio of 94.9%.
In 2024, Portugal made up 0.28% of the world's economy, compared to 0.24% in 1960.
Portugal GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $313,271,185,085 | 2.14% |
| 2023 | $292,323,800,949 | 3.1% |
| 2022 | $256,898,677,175 | 6.99% |
| 2021 | $256,055,879,091 | 5.56% |
| 2020 | $229,618,773,423 | -8.2% |
| 2019 | $240,115,970,063 | 2.75% |
| 2018 | $242,092,894,543 | 2.95% |
| 2017 | $220,862,990,767 | 3.31% |
| 2016 | $206,305,431,242 | 2% |
| 2015 | $199,038,523,120 | 1.59% |
| 2014 | $230,078,616,300 | 0.74% |
| 2013 | $226,677,408,292 | -0.98% |
| 2012 | $216,536,676,772 | -4.05% |
| 2011 | $245,426,767,676 | -1.71% |
| 2010 | $238,443,864,993 | 1.74% |
| 2009 | $244,667,762,836 | -3.12% |
| 2008 | $263,416,394,624 | 0.32% |
| 2007 | $240,496,147,317 | 2.51% |
| 2006 | $208,756,449,276 | 1.63% |
| 2005 | $197,253,876,705 | 0.78% |
| 2004 | $189,382,122,532 | 1.79% |
| 2003 | $165,226,175,537 | -0.93% |
| 2002 | $134,795,565,549 | 0.77% |
| 2001 | $121,604,107,165 | 1.94% |
| 2000 | $118,605,192,877 | 3.82% |
| 1999 | $127,470,385,557 | 3.91% |
| 1998 | $123,946,327,916 | 4.81% |
| 1997 | $117,016,535,163 | 4.4% |
| 1996 | $122,630,089,680 | 3.5% |
| 1995 | $118,122,007,430 | 4.28% |
| 1994 | $99,688,641,304 | 0.96% |
| 1993 | $95,009,751,901 | -2.04% |
| 1992 | $107,592,098,307 | 1.09% |
| 1991 | $89,233,599,278 | 4.37% |
| 1990 | $78,713,860,217 | 3.95% |
| 1989 | $60,594,092,182 | 6.44% |
| 1988 | $56,347,250,696 | 7.49% |
| 1987 | $48,182,925,857 | 6.38% |
| 1986 | $38,745,901,354 | 4.14% |
| 1985 | $27,115,807,742 | 2.81% |
| 1984 | $25,217,969,050 | -1.88% |
| 1983 | $27,239,650,742 | -0.17% |
| 1982 | $30,527,754,793 | 2.14% |
| 1981 | $31,977,276,873 | 1.62% |
| 1980 | $32,896,519,824 | 4.59% |
| 1979 | $26,622,819,672 | 5.64% |
| 1978 | $23,487,614,051 | 2.82% |
| 1977 | $21,439,523,311 | 5.6% |
| 1976 | $20,332,831,565 | 6.9% |
| 1975 | $19,347,607,843 | -4.35% |
| 1974 | $17,512,391,476 | 1.14% |
| 1973 | $15,090,564,186 | 11.2% |
| 1972 | $11,239,117,865 | 8.02% |
| 1971 | $9,201,604,240 | 6.63% |
| 1970 | $8,108,235,704 | 9.11% |
| 1969 | $7,287,555,035 | 2.12% |
| 1968 | $6,644,693,214 | 8.88% |
| 1967 | $6,002,607,030 | 7.54% |
| 1966 | $5,370,108,031 | 4.08% |
| 1965 | $4,901,711,248 | 7.47% |
| 1964 | $4,429,202,657 | 6.31% |
| 1963 | $4,084,251,593 | 5.87% |
| 1962 | $3,835,883,663 | 6.61% |
| 1961 | $3,573,719,085 | 5.53% |
| 1960 | $3,339,150,158 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/portugal | CC BY 
Portugal GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $29,292 | $51,680 |
| 2023 | $27,635 | $49,353 |
| 2022 | $24,621 | $45,250 |
| 2021 | $24,711 | $38,658 |
| 2020 | $22,299 | $35,967 |
| 2019 | $23,343 | $37,866 |
| 2018 | $23,541 | $34,897 |
| 2017 | $21,442 | $32,971 |
| 2016 | $19,980 | $31,589 |
| 2015 | $19,216 | $29,608 |
| 2014 | $22,121 | $28,765 |
| 2013 | $21,676 | $27,966 |
| 2012 | $20,593 | $26,476 |
| 2011 | $23,247 | $26,803 |
| 2010 | $22,552 | $27,292 |
| 2009 | $23,151 | $26,472 |
| 2008 | $24,949 | $26,666 |
| 2007 | $22,811 | $25,738 |
| 2006 | $19,839 | $24,677 |
| 2005 | $18,780 | $22,725 |
| 2004 | $18,064 | $21,476 |
| 2003 | $15,798 | $20,850 |
| 2002 | $12,937 | $20,357 |
| 2001 | $11,735 | $19,529 |
| 2000 | $11,526 | $18,883 |
| 1999 | $12,475 | $17,718 |
| 1998 | $12,199 | $16,688 |
| 1997 | $11,576 | $15,789 |
| 1996 | $12,185 | $14,922 |
| 1995 | $11,781 | $14,406 |
| 1994 | $9,977 | $13,578 |
| 1993 | $9,535 | $13,202 |
| 1992 | $10,811 | $13,182 |
| 1991 | $8,959 | $12,739 |
| 1990 | $7,885 | $11,780 |
| 1989 | $6,056 | - |
| 1988 | $5,624 | - |
| 1987 | $4,804 | - |
| 1986 | $3,862 | - |
| 1985 | $2,705 | - |
| 1984 | $2,523 | - |
| 1983 | $2,735 | - |
| 1982 | $3,080 | - |
| 1981 | $3,246 | - |
| 1980 | $3,368 | - |
| 1979 | $2,756 | - |
| 1978 | $2,457 | - |
| 1977 | $2,267 | - |
| 1976 | $2,173 | - |
| 1975 | $2,128 | - |
| 1974 | $2,000 | - |
| 1973 | $1,748 | - |
| 1972 | $1,302 | - |
| 1971 | $1,065 | - |
| 1970 | $934 | - |
| 1969 | $832 | - |
| 1968 | $752 | - |
| 1967 | $676 | - |
| 1966 | $601 | - |
| 1965 | $545 | - |
| 1964 | $490 | - |
| 1963 | $452 | - |
| 1962 | $426 | - |
| 1961 | $400 | - |
| 1960 | $377 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/portugal | CC BY
Portugal has a GDP per capita of $29,292, ranking 44/197, a GDP per capita based on purchasing power parity (PPP) of $51,680, ranking 42/197, and a median annual after tax income of $16,747, ranking 54/197.
Portugal GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 46 | 41 | 38 |
| 2023 | 48 | 43 | 40 |
| 2022 | 49 | 43 | 41 |
| 2021 | 48 | 42 | 43 |
| 2020 | 48 | 42 | 41 |
| 2019 | 48 | 43 | 40 |
| 2018 | 47 | 42 | 42 |
| 2017 | 47 | 41 | 43 |
| 2016 | 46 | 42 | 42 |
| 2015 | 45 | 44 | 45 |
| 2014 | 47 | 41 | 45 |
| 2013 | 49 | 41 | 44 |
| 2012 | 48 | 44 | 46 |
| 2011 | 42 | 42 | 44 |
| 2010 | 41 | 39 | 45 |
| 2009 | 37 | 37 | 47 |
| 2008 | 38 | 38 | 47 |
| 2007 | 37 | 37 | 47 |
| 2006 | 37 | 36 | 45 |
| 2005 | 34 | 35 | 45 |
| 2004 | 32 | 34 | 45 |
| 2003 | 31 | 35 | 43 |
| 2002 | 30 | 38 | 40 |
| 2001 | 35 | 38 | 41 |
| 2000 | 34 | 41 | 41 |
| 1999 | 32 | 35 | 40 |
| 1998 | 32 | 35 | 39 |
| 1997 | 35 | 37 | 39 |
| 1996 | 34 | 34 | 38 |
| 1995 | 34 | 35 | 37 |
| 1994 | 33 | 37 | 38 |
| 1993 | 32 | 36 | 38 |
| 1992 | 33 | 34 | 38 |
| 1991 | 33 | 35 | 40 |
| 1990 | 35 | 38 | 41 |
| 1989 | 35 | 38 | - |
| 1988 | 37 | 40 | - |
| 1987 | 36 | 42 | - |
| 1986 | 37 | 47 | - |
| 1985 | 44 | 53 | - |
| 1984 | 44 | 53 | - |
| 1983 | 44 | 53 | - |
| 1982 | 41 | 45 | - |
| 1981 | 41 | 45 | - |
| 1980 | 39 | 45 | - |
| 1979 | 40 | 43 | - |
| 1978 | 38 | 43 | - |
| 1977 | 36 | 41 | - |
| 1976 | 32 | 41 | - |
| 1975 | 33 | 40 | - |
| 1974 | 32 | 41 | - |
| 1973 | 31 | 37 | - |
| 1972 | 30 | 37 | - |
| 1971 | 32 | 41 | - |
| 1970 | 34 | 41 | - |
| 1969 | 34 | 33 | - |
| 1968 | 33 | 35 | - |
| 1967 | 34 | 35 | - |
| 1966 | 36 | 37 | - |
| 1965 | 37 | 38 | - |
| 1964 | 36 | 36 | - |
| 1963 | 37 | 37 | - |
| 1962 | 36 | 36 | - |
| 1961 | 37 | 35 | - |
| 1960 | 38 | 38 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/portugal | CC BY
Compared with 2000, in 2024 Portugal is ranked 46th out of 182 by GDP (down from 34th), 41st by GDP per capita (unchanged from 41st), and 38th by GDP per capita PPP (up from 41st).
Economic indicators
Portugal
|
Rank | |
|---|---|---|
| Gross domestic product |
$313B
2024 |
46/197 |
| GDP growth |
2.14%
2023-2024 |
131/194 |
| GDP per capita |
$29,292
2024 |
44/197 |
| GDP per capita, PPP |
$51,680
2024 |
42/197 |
| Government debt |
$297B
2024 |
31/185 |
| Debt-to-GDP ratio |
94.9%
2024 |
27/185 |
| Government debt per person |
$27,807
2024 |
27/185 |
| Average annual personal income after taxes |
$16,747
2026 |
54/197 |
| Listed domestic companies |
40
2018 |
75/103 |
| Market capitalization of domestic companies |
$61.9B
2018 |
46/100 |
| Number of millionaires |
171,797
2025 |
28/35 |
| Millionaire frequency |
1 in 51
2025 |
21/35 |
| Number of billionaires |
1
2025 |
71/78 |
| Billionaire frequency |
1 in 8,794,022
2025 |
66/78 |
| Income share by richest 10% |
26.9%
2023 |
93/169 |
| Income share by poorest 10% |
2.7%
2023 |
96/169 |
| Government expenditure, % of GDP |
42.8%
2024 |
44/195 |
| Consumer prices inflation |
2.42%
2023-2024 |
126/195 |
| Unemployment rate |
6.43%
2024 |
74/196 |
| Population |
10667081
|
90/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 42.8% | 94.9% | 0.7% |
| 2023 | 42.3% | 97.7% | 1.21% |
| 2022 | 43.9% | 111.2% | -0.31% |
| 2021 | 47.3% | 123.9% | -2.83% |
| 2020 | 49.1% | 134.1% | -5.75% |
| 2019 | 42.5% | 116.1% | 0.12% |
| 2018 | 43.3% | 121.1% | -0.43% |
| 2017 | 45.5% | 126% | -3% |
| 2016 | 44.9% | 131.2% | -1.94% |
| 2015 | 48.2% | 131% | -4.37% |
| 2014 | 51.7% | 132.5% | -7.32% |
| 2013 | 50% | 130.8% | -5.21% |
| 2012 | 48.8% | 128.6% | -6.2% |
| 2011 | 50% | 114% | -7.73% |
| 2010 | 51.9% | 100.1% | -11.4% |
| 2009 | 50.3% | 87.8% | -9.87% |
| 2008 | 45.5% | 75.6% | -3.81% |
| 2007 | 44.5% | 72.7% | -2.91% |
| 2006 | 45.1% | 73.7% | -4.07% |
| 2005 | 46.8% | 72.2% | -6.11% |
| 2004 | 46.1% | 67.1% | -5.99% |
| 2003 | 45.4% | 63.9% | -5.66% |
| 2002 | 44.2% | 60% | -3.73% |
| 2001 | 44.1% | 57.4% | -4.73% |
| 2000 | 42.8% | 54.2% | -3.35% |
| 1999 | 42.5% | 55.4% | -2.99% |
| 1998 | 42.6% | 55.6% | -4.3% |
| 1997 | 42.4% | 58.7% | -3.65% |
| 1996 | 43% | 63.3% | -4.63% |
| 1995 | 42.6% | 62.2% | -5.14% |
| 1994 | 42.8% | 60.4% | -7.37% |
| 1993 | 46.5% | 57.2% | -8.06% |
| 1992 | 48.2% | 58.1% | -5.19% |
| 1991 | 45.9% | 63.9% | -7.93% |
| 1990 | 42.2% | 60.2% | -6.82% |
| 1989 | 36.2% | 55.4% | -2.86% |
| 1988 | 36.2% | 56.8% | -3.52% |
| 1987 | 37.5% | 57.2% | -6.79% |
| 1986 | 38.9% | 59.8% | -7.45% |
| 1985 | 37.5% | 59.4% | -8.35% |
| 1984 | 34.6% | 51.3% | -5.23% |
| 1983 | 34.7% | 46.7% | -4.86% |
| 1982 | 35.8% | 43% | -7.02% |
| 1981 | 35.3% | 39.3% | -8.34% |
| 1980 | 32.4% | 31% | -6.92% |
| 1979 | 30.8% | 35.2% | -6.08% |
| 1978 | 31.7% | 31.4% | -7.15% |
| 1977 | 35.1% | 26.9% | -7.5% |
| 1976 | 38.2% | 24.5% | -10.2% |
| 1975 | 31.9% | 19.2% | -7.1% |
| 1974 | 25.8% | 13.5% | -3.2% |
| 1973 | 25.7% | 13.6% | -5.39% |
| 1972 | 22.8% | 14.5% | -7.72% |
| 1971 | 15.5% | 15.7% | -0.23% |
| 1970 | 15.5% | 16.5% | -0.24% |
| 1969 | 14.9% | 16.8% | -1.53% |
| 1968 | 14.3% | 17.2% | -1.24% |
| 1967 | 14.1% | 18.5% | -0.46% |
| 1966 | 14.4% | 20.2% | -2% |
| 1965 | 13.4% | 20.4% | -0.03% |
| 1964 | 13.9% | 21.9% | -1.93% |
| 1963 | 14.6% | 20.8% | -3.33% |
| 1962 | 14.5% | 18.7% | -1.69% |
| 1961 | 14.6% | 17.1% | -3.17% |
| 1960 | 14.3% | 16.4% | -3.13% |
| 1959 | 11.9% | 16.5% | -1.73% |
| 1958 | 10.8% | 16.9% | -0.52% |
| 1957 | 10.3% | 14.3% | 0.08% |
| 1956 | 10.4% | 15.2% | -0.18% |
| 1955 | 10.2% | 16.2% | -0.31% |
| 1954 | 10.3% | 16.8% | -0.58% |
| 1953 | 10% | 17.1% | -0.35% |
| 1952 | 9.62% | 17.2% | -0.34% |
| 1951 | 8.99% | 17.4% | 0.94% |
| 1950 | 9.81% | 18.8% | -0.83% |
| 1949 | 9.35% | 19.1% | -0.46% |
| 1948 | 10.6% | 19.4% | -2.04% |
| 1947 | 10.9% | 19.8% | -1.65% |
| 1946 | 12% | 22.3% | -2.32% |
| 1945 | 10.9% | 24.6% | -2.38% |
| 1944 | 9.85% | 24.2% | -1.44% |
| 1943 | 8.62% | 21.8% | 0.03% |
| 1942 | 9.6% | 21.9% | -0.35% |
| 1941 | 9.12% | 20.6% | -0.08% |
| 1940 | 10.3% | 23.6% | -1.74% |
| 1939 | 9.2% | 27.6% | -0.73% |
| 1938 | 9.21% | 28.1% | -0.08% |
| 1937 | 9.16% | 29.4% | -0.09% |
| 1936 | 8.63% | 30.5% | 0.08% |
| 1935 | 8.59% | 31.2% | 0.75% |
| 1934 | 8.42% | 31.8% | 0.6% |
| 1933 | 8.97% | 33.6% | -0.07% |
| 1932 | 8.95% | 45.8% | -0.03% |
| 1931 | 8.7% | 45.2% | 0.04% |
| 1930 | 7.87% | 42.9% | 0.79% |
| 1929 | 8.3% | 42.5% | 1.86% |
| 1928 | 8.71% | 47.5% | 0.2% |
| 1927 | 9.83% | 55.2% | -2.27% |
| 1926 | 11.6% | 56.7% | -4.21% |
| 1925 | 10.1% | 56.5% | -1.48% |
| 1924 | 10.6% | 60% | -3.16% |
| 1923 | 11.4% | 67.7% | -3.47% |
| 1922 | 17.5% | 59% | -10% |
| 1921 | 12.9% | 66.9% | -6.5% |
| 1920 | 12.1% | 45% | -5.66% |
| 1919 | 14.1% | 47.3% | -8.83% |
| 1918 | 14.1% | 51.8% | -8.3% |
| 1917 | 11.3% | 55.8% | -5.49% |
| 1916 | - | 52.7% | - |
| 1915 | - | 55.7% | - |
| 1914 | - | 51.9% | - |
| 1913 | 7.94% | 49.2% | -0.34% |
| 1912 | 8.98% | 50.2% | -0.02% |
| 1911 | 7.97% | 52.4% | -0.73% |
| 1910 | 7.55% | 52.7% | -0.19% |
| 1909 | 8.62% | 50% | -0.82% |
| 1908 | 8.12% | 50.7% | -0.56% |
| 1907 | 8.55% | 51.9% | -0.69% |
| 1906 | 7.75% | 54.9% | -0.45% |
| 1905 | 7.86% | 55.2% | -0.75% |
| 1904 | 7.27% | 52.4% | -0.26% |
| 1903 | 7.78% | 52% | -0.91% |
| 1902 | 7.37% | 61.9% | -0.5% |
| 1901 | 7.24% | 63.2% | -0.69% |
| 1900 | 6.98% | 59% | -0.35% |
| 1899 | 7.43% | 56.3% | -0.77% |
| 1898 | 6.97% | 62.2% | -0.5% |
| 1897 | 7.17% | 64.1% | -0.93% |
| 1896 | 7.64% | 57.9% | -1.35% |
| 1895 | 7% | 58.2% | -0.2% |
| 1894 | 6.96% | 61.7% | -0.16% |
| 1893 | 6.54% | 65.8% | -0.02% |
| 1892 | 6.92% | 63.1% | -0.8% |
| 1891 | 7.7% | 65% | -2.15% |
| 1890 | 8.03% | 60.2% | -2.01% |
| 1889 | 7.74% | 58.5% | -1.95% |
| 1888 | 7.99% | 58.2% | -2.14% |
| 1887 | 6.82% | 60.3% | -0.67% |
| 1886 | 7.17% | 60.6% | -1.43% |
| 1885 | 7.2% | 63.1% | -1.68% |
| 1884 | 7.11% | 58.8% | -1.48% |
| 1883 | 6.53% | 61.8% | -1.1% |
| 1882 | 5.99% | 60.2% | -0.39% |
| 1881 | 6.58% | 59.5% | -1.2% |
| 1880 | 6.74% | 62.6% | -1.63% |
| 1879 | - | 61.6% | - |
| 1878 | - | 59.7% | - |
| 1877 | - | 56.1% | - |
| 1876 | - | 54.8% | - |
| 1875 | - | 53.4% | - |
| 1874 | - | 55.1% | - |
| 1873 | - | 52.7% | - |
| 1872 | - | 55.9% | - |
| 1871 | - | 59.5% | - |
| 1870 | - | 50.3% | - |
| 1869 | - | 48.9% | - |
| 1868 | - | 46.3% | - |
| 1867 | - | 40.7% | - |
| 1866 | - | 40.1% | - |
| 1865 | - | 38.6% | - |
| 1864 | - | 36% | - |
| 1863 | - | 33.4% | - |
| 1862 | - | 32.9% | - |
| 1861 | - | 33.5% | - |
| 1860 | - | 32.5% | - |
| 1859 | - | 29.4% | - |
| 1858 | - | 28.2% | - |
| 1857 | - | 28.8% | - |
| 1856 | - | 26% | - |
| 1855 | - | 26.9% | - |
| 1854 | - | 28.3% | - |
| 1853 | - | 23.2% | - |
| 1852 | - | 27.3% | - |
| 1851 | - | 29.5% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1851–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).
GeoRank.org/economy/portugal | CC BY
This chart shows Portugal's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 50 years, Portugal recorded a fiscal deficit in 47 of them, with an average annual deficit equal to 5.2% of GDP. In 2024, government spending reached $134B (42.8% of GDP), with a surplus of 0.7%.
The national debt reached $297B, ranking 31st out of 185 countries by total size, with a debt-to-GDP ratio of 94.9%, ranking 27th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 2.42% |
| 2023 | 4.31% |
| 2022 | 7.83% |
| 2021 | 1.27% |
| 2020 | -0.01% |
| 2019 | 0.34% |
| 2018 | 0.99% |
| 2017 | 1.37% |
| 2016 | 0.61% |
| 2015 | 0.49% |
| 2014 | -0.28% |
| 2013 | 0.27% |
| 2012 | 2.77% |
| 2011 | 3.65% |
| 2010 | 1.4% |
| 2009 | -0.84% |
| 2008 | 2.59% |
| 2007 | 2.45% |
| 2006 | 3.11% |
| 2005 | 2.28% |
| 2004 | 2.37% |
| 2003 | 3.22% |
| 2002 | 3.6% |
| 2001 | 4.37% |
| 2000 | 2.85% |
| 1999 | 2.34% |
| 1998 | 2.57% |
| 1997 | 2.34% |
| 1996 | 3.07% |
| 1995 | 4.22% |
| 1994 | 5.42% |
| 1993 | 6.78% |
| 1992 | 9.56% |
| 1991 | 11.8% |
| 1990 | 13.6% |
| 1989 | 12.7% |
| 1988 | 10.1% |
| 1987 | 9.63% |
| 1986 | 12.3% |
| 1985 | 19.5% |
| 1984 | 28.4% |
| 1983 | 24% |
| 1982 | 21.7% |
| 1981 | 19% |
| 1980 | 15.9% |
| 1979 | 21.9% |
| 1978 | 21% |
| 1977 | 31% |
| 1976 | 21.1% |
| 1975 | 15.3% |
| 1974 | 25.1% |
| 1973 | 13% |
| 1972 | 10.7% |
| 1971 | 11.9% |
| 1970 | 6.38% |
| 1969 | 8.78% |
| 1968 | 6.08% |
| 1967 | 5.53% |
| 1966 | 5.04% |
| 1965 | 3.42% |
| 1964 | 3.44% |
| 1963 | 2.02% |
| 1962 | 2.66% |
| 1961 | 1.55% |
| 1960 | 3.05% |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/portugal | CC BY
Over the past 20 years, Portugal has had an average annual inflation rate of 1.85%. In 2024, inflation was 2.42%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Portugal
|
Rank | |
|---|---|---|
|
Current account balance
|
$6.51B
2024 |
28/190 |
| Current account balance, % of GDP |
+2.08%
2024 |
56/190 |
| Goods imports |
$109B
2024 |
36/189 |
| Goods exports |
$81.4B
2024 |
42/189 |
| Service imports |
$27.9B
2024 |
44/189 |
| Service exports |
$62.7B
2024 |
29/189 |
| Imports of goods and services, % of GDP |
43.9%
2024 |
88/181 |
| Exports of goods and services, % of GDP |
45.8%
2024 |
61/193 |
Portugal top 10 trading partners
Portugal's biggest trading partner accounting for 28.8% of all exports and imports is Spain, with a trade balance between the two of -$15.5B: Portugal exports $25.1B worth of goods and services to Spain and imports $40.6B.
Below is the list of the top 10 trade partners of Portugal.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
Spain
|
$65.6B | 28.8% | $25.1B | $40.6B | Machinery & equipment | Machinery & equipment |
| 2 |
Germany
|
$26.6B | 11.7% | $12.5B | $14.1B | Machinery & equipment | Machinery & equipment |
| 3 |
France
|
$22.4B | 9.84% | $13B | $9.39B | Machinery & equipment | Machinery & equipment |
| 4 |
Netherlands
|
$10.8B | 4.72% | $3.91B | $6.85B | Textiles & consumer goods | Machinery & equipment |
| 5 |
Italy
|
$10.6B | 4.67% | $4.39B | $6.26B | Machinery & equipment | Machinery & equipment |
| 6 |
United States
|
$10.1B | 4.44% | $6.7B | $3.42B | Raw materials & minerals | Raw materials & minerals |
| 7 |
United Kingdom
|
$9.48B | 4.16% | $6.62B | $2.87B | Transport & tourism services | Transport & tourism services |
| 8 |
Brazil
|
$6.72B | 2.95% | $2.19B | $4.53B | Transport & tourism services | Raw materials & minerals |
| 9 |
Belgium
|
$6.67B | 2.93% | $2.75B | $3.92B | Chemicals & pharma | Machinery & equipment |
| 10 |
China
|
$6.5B | 2.85% | $676M | $5.82B | Wood & paper products | Machinery & equipment |
Top 10 exports
|
Portugal
|
Rank | |
|---|---|---|
| Machinery & equipment | $26.3B | 36/193 |
| Transport & tourism services | $13.3B | 44/188 |
| Textiles & consumer goods | $13.3B | 24/193 |
| Raw materials & minerals | $10.2B | 54/193 |
| Chemicals & pharma | $9.86B | 35/193 |
| Processed food, beverages & tobacco | $7.7B | 32/192 |
| Metals | $6.76B | 42/192 |
| Wood & paper products | $5.85B | 21/192 |
| Business & finance services | $3.34B | 49/188 |
| Animal & marine products | $2.56B | 35/192 |
Top 10 imports
|
Portugal
|
Rank | |
|---|---|---|
| Machinery & equipment | $38.9B | 38/193 |
| Chemicals & pharma | $17.9B | 35/193 |
| Raw materials & minerals | $15.6B | 39/193 |
| Textiles & consumer goods | $11.4B | 33/193 |
| Metals | $9.07B | 38/193 |
| Processed food, beverages & tobacco | $7.31B | 35/193 |
| Transport & tourism services | $6.74B | 56/188 |
| Animal & marine products | $6.16B | 19/193 |
| Raw agricultural goods | $5.08B | 30/193 |
| Business & finance services | $3.53B | 53/188 |
Economic freedom indices
|
Portugal
|
Rank | |
|---|---|---|
| Economic freedom | 71.2 | 33/197 |
| Property rights | 88.9 | 23/182 |
| Government integrity | 63.4 | 40/182 |
| Judicial effectiveness | 90.1 | 21/182 |
| Tax burden | 60.6 | 168/182 |
| Government spending | 44.6 | 145/180 |
| Fiscal health | 82 | 73/181 |
| Business freedom | 83.1 | 21/182 |
| Labor freedom | 54.8 | 106/182 |
| Monetary freedom | 77.7 | 40/180 |
| Trade freedom | 79.4 | 51/181 |
| Investment freedom | 70 | 40/181 |
| Financial freedom | 60 | 60/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 71.2 | 90.1 | 60.6 | 44.6 | 82 |
| 2025 | 70.5 | 91.3 | 59.8 | 40.2 | 79.7 |
| 2024 | 68.7 | 90.6 | 59.8 | 33 | 65.2 |
| 2023 | 69.5 | 67 | 60.5 | 34.7 | 67 |
| 2022 | 70.8 | 92.1 | 60.4 | 39.5 | 72.8 |
| 2021 | 67.5 | 68.5 | 60 | 42.4 | 78.2 |
| 2020 | 67 | 65.6 | 59.6 | 39.8 | 74.4 |
| 2019 | 65.3 | 64.3 | 59.9 | 35.6 | 69.8 |
| 2018 | 63.4 | 70.1 | 59.8 | 29.8 | 46 |
| 2017 | 62.6 | 68.9 | 59.8 | 25.1 | 32.1 |
| 2016 | 65.1 | - | 60.5 | 24.8 | - |
| 2015 | 65.3 | - | 61.1 | 28.8 | - |
| 2014 | 63.5 | - | 60.1 | 26.8 | - |
| 2013 | 63.1 | - | 61.6 | 28.3 | - |
| 2012 | 63 | - | 59 | 25.5 | - |
| 2011 | 64 | - | 61.1 | 36.2 | - |
| 2010 | 64.4 | - | 61 | 37.1 | - |
| 2009 | 64.9 | - | 61.6 | 35.4 | - |
| 2008 | 63.9 | - | 61.3 | 32.6 | - |
| 2007 | 64 | - | 62.3 | 35.4 | - |
| 2006 | 62.9 | - | 64 | 29.7 | - |
| 2005 | 62.4 | - | 61.7 | 32 | - |
| 2004 | 64.9 | - | 62.3 | 36.2 | - |
| 2003 | 64.9 | - | 61.8 | 35.7 | - |
| 2002 | 65.4 | - | 60.8 | 39.3 | - |
| 2001 | 66 | - | 61.6 | 41.9 | - |
| 2000 | 65.5 | - | 60.4 | 41.9 | - |
| 1999 | 65.6 | - | 60.6 | 37.1 | - |
| 1998 | 65 | - | 59.8 | 39.3 | - |
| 1997 | 63.6 | - | 61 | 36.5 | - |
| 1996 | 64.5 | - | 61.5 | 31.5 | - |
| 1995 | 62.4 | - | 60.5 | 36 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/portugal | CC BY
Portugal is ranked 27/174 for economic freedom with a score of 71.2, compared to 58/162 and a score of 62.9 in 2006.
Other economic metrics
|
Portugal
|
Rank | |
|---|---|---|
| Services, % of GDP |
66.3%
2024 |
39/191 |
| Industry, % of GDP |
18.7%
2024 |
139/194 |
| Agriculture, forestry, and fishing, % of GDP |
2.02%
2024 |
149/193 |
|
GNI, Atlas method
|
$288B
2024 |
48/194 |
| GNI per capita, PPP |
$50,730
2024 |
40/191 |
| Total reserves including gold |
$42.4B
2024 |
48/177 |
|
Net foreign direct investment
|
-$6.64B
2024 |
173/189 |
|
Net inflows of foreign direct investment
|
$13.5B
2024 |
31/193 |
|
Net outflows of foreign direct investment
|
$6.84B
2024 |
32/193 |
| Poverty at national poverty lines |
16.4%
2021 |
121/176 |
|
Gross capital formation, % of GDP
|
20.4%
2024 |
121/178 |
Compare Portugal vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/portugal | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Public Finances in Modern History (1851–1989, retrieved 2026-02-20)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2023–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.