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
If you’d like to trade some of these commodities, you can jump to our list of regulated brokers right now.
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.
Interested in Trading Commodities?
Interested in trading gasoline, copper, zinc, and other important Portuguese commodities? Start your research with reviews of these regulated brokers available in .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 74%-89% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you can afford to take the high risk of losing your money.
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.