Portugal Economy Overview
Portugal is currently ranked as the world’s #46 economy in terms of its GDP of $241 billion.
It’s the 44th biggest export economy with annual exports worth $72 billion, while imports of $89.9 billion make it the and 39th biggest importer. This results in a negative trade balance of -$17.9 billion.
This guide gives you an overview of the Portuguese economy, including the country’s primary imports and exports.
Top Portuguese Exports
- Refined petroleum – $2.87 billion
- Uncoated paper – $1.3 billion
- Pure olive oil – $723 million
- Copper ore – $306 million
- Zinc ore – $284 million
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Other Notable Exports
- Cars – $4.33 billion
- Vehicle parts – $3.56 billion
- Leather footwear – $2.16 billion
- Rubber tires – $1.21 billion
- Knit T-shirts – $1.05 billion
GDP of Portugal
Portugal’s GDP, according to the latest figures (2018), is $241 billion with a GDP per capita of $23.408.
In the ten years between 2008 and 2018, the country’s GDP showed a negative growth rate of -$8.26%. The GDP per capita went down by -$5.79% during the same period.
Top Portuguese Imports
- Crude petroleum – $5.75 billion
- Petroleum gas – $1.85 billion
- Refined petroleum – $1.41 billion
- Hot-rolled iron – $711 million
- Scrap iron – $551 million
Other Notable Imports
- Cars – $5.47 billion
- Vehicle parts – $2.92 billion
- Packaged medicaments – $2.3 billion
- Broadcasting equipment – $1.26 billion
- Integrated circuits – $901 million
Details on Portugal’s Imports/Exports
Exports of refined petroleum account for 3.98% of Portugal’s total annual exports. The country has a 0.38% share of a global export market worth $753 billion per year.
The United States (30.7%) and Spain (23.6%) are key destinations for shipments of Portugal’s refined petroleum, followed by the Netherlands (7.39%%).
Shipments of rolled tobacco contribute 0.94% to Portugal’s total exports. The country has a 2.52% share of a worldwide export market for this commodity that is worth $27 billion.
Other European countries that outperform Portugal in terms of rolled tobacco export values and global market share are Poland (12.7%), Germany (11.3%), the Netherlands (3.86%), Lithuania (3.41%), the Czech Republic (2.78%), and Romania (2.58%).
Pure Olive Oil
The global export market for pure olive oil is worth $8.5 billion annually. Portugal is the fourth-largest exporter with an 8.5% market share, behind Spain (43.3%), Italy (19.7%), and Tunisia (9.28%).
Portugal exports 70.8% of its pure olive oil shipments to two destinations only – Spain (31.8%) and Brazil (39%).
Shipments of copper ore account for 0.43% of Portugal’s total yearly exports. The country has a 0.48% share of a global export market that is worth $64.2 billion annually.
Portugal has a number of natural mineral resources, including two copper mines, Neves Corvo and Sao Domingos.
Interesting Facts About Portugal
- Portuguese is the official language of eight other countries around the world.
- The city of Lisbon is officially older than Rome.
- The Vasco de Gama bridge near Lisbon is the longest bridge in Europe.
- The largest community of Portuguese people outside of the country lives in Paris.
- Portugal leads the way in renewable energy and already meets 70% of its needs through hydro, solar, and wind power.
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Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- View Portugal’s debt clock and find out what its national debt to GDP ratio is.
- See our global economic indicator guide to more than 45 other countries.
- Get our full guide to trading commodities.
All currency is reported in US dollars.