Portugal
Resilient growth
Last update – January 2024
Country rating
LOW RISK FOR ENTERPRISE
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD251.9bn (World ranking 50, World Bank 2022) |
Population | 10.4mn (World ranking 90, World Bank 2022) |
Form of state |
Parliamentory Democracy |
Head of state |
Antonio COSTA |
Next elections |
2026 (presidential), 2026 (legislative) |
Strengths & weaknesses
- Improving competitiveness thanks to deep structural reforms (banking sector, pensions, labor market)
- Modern infrastructure network
- Large companies with international presence
- Good performance in some industrial and innovative sectors
- Buoyant tourism sector
- Efficient system for R&D, relatively high-skilled labor
- Fiscal-consolidation reforms
- Still high public debt (among the highest in the world) despite fiscal-consolidation efforts
- High private sector debt
- Still weak banking system hampering the financing of the economy
- Number of insolvencies still 30% higher than in 2007
- Political turbulence
- Complex legal system and poor rail and technological infrastructure
Economic overview
Trade structure by destination/origin
(% of total, 2022)
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Exports | Rank | Imports | ||
Spain 26.1% | 1 | 32.1% Spain | ||
France 12.4% | 2 | 11.2% Germany | ||
Germany 10.9% | 3 | 6.1% France | ||
United States 6.5% | 4 | 5.1% China | ||
United Kingdom 4.9% |
5 |
5.0% Netherlands |
Trade structure by product
(% of total, 2022)
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Exports | Rank | Imports |
Road vehicles 11.8%
|
1 |
10.3% Petroleum, petroleum products and related materials
|
Petroleum, petroleum products and related materials 7.1%
|
2 |
9.2% Road vehicles
|
Electrical machinery apparatus and appliances, n.e.s. 4.8%
|
3 |
5.3% Electrical machinery apparatus and appliances, n.e.s.
|
Articles of apparel & clothing accessories 4.6% |
4 |
4.4% Gas, natural and manufactued
|
Manufactures of metal, n.e.s. 4.4%
|
5 |
3.8% Telecommunication and sound recording apparatus
|
Contact
Roberta Fortes
Allianz Trade
Allianz Trade
Contact Allianz Trade
Economic Research Team
Economic Research Team