Portugal Economic Data

Basic data
Capital Lisbon
Population 10.34 million
Language Portuguese
Religion 81% Roman Catholic, 3% other Christian denominations, 6% atheist, 10% other denominations
State system parliamentary republic with a semi-presidential system
Head of State Marcelo Rebelo de Sousa
Head of government Antonio Costa
Currency name Euro (EUR)
Time shift -1 hour
Economy 2021
Nominal GDP (billion USD) 374.4
Economic growth (%) 4.9
Inflation (%) 1.3
Unemployment (%) 6.6

Portugal is a semi-presidential republic in terms of political establishment. It is a founding country of NATO and since 1986 also a member country of the EU. Nominal GDP Portugal is the 49th largest economy in the world, in terms of GDP per capita measured by purchasing power parity, it ranks 51st. Approximately 70% of economic output is represented by services, 24% by industry and 6% by agriculture.

In 2021, Portugal’s GDP grew by 4.9%, which was the best result since 1990. This happened after the largest ever economic contraction of 8.4% in 2020, which was a result of the adverse effects of the covid-19 pandemic on economic activity. The significant growth was greatly helped by domestic demand, and there was also a recovery in private consumption and investment. At the end of 2021, public debt totaled EUR 269.6 billion or 127.5% of GDP, which represents a decrease of 7.7% compared to 2020. Exports increased by 18.1% and imports by 21.1% ( -10.3% or -14.8% in 2020). The trade balance with goods ended with a deficit of EUR 19.04 billion (-EUR 14.39 billion in 2020). The economy should maintain a growth profile between 2022 and 2024, even in the context of increased uncertainty associated with the war in Ukraine. GDP growth in 2022 should reach 4.9%, in 2023 the economy should add 2.9% and a year later 2.0%. In the given period, the country should benefit from a greater inflow of funds from EU funds and from the maintenance of favorable financing conditions. The war in Ukraine, like in other countries, is also a sign of the acceleration of inflation growth, which jumped by 5.2% year-on-year in March 2022, while it reached only 1.3% for the whole year 2021. There are positive developments in the labor market, with unemployment reaching 6.6% in 2021,and the government expects it to further decrease to 5.9% in 2022.

Portugal is a standard market economy in the EU common market. Its market is thus freely accessible to Czech exporters, for whom the health care, transport infrastructure sectors with an emphasis on railways, energy, ICT, the defense and security industry and the civil aviation industry represent the greatest opportunities. The business culture is based on gradually gaining trust and building personal relationships. Especially in the case of government contracts, the existence of a quality sales representative with a very good knowledge of the market is a basic prerequisite for success.

Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

112 – single free telephone line for emergencies (ambulance, police, fire brigade)
218 ​​413 700 – Lisbon airport, information on arrivals and departures
800 202 5596 – tourist helpline
118 – information on national telephone numbers
1820 – information on international telephone numbers numbers
800 250 250 – intoxication
+351 919 319 422 – emergency line Embassy of the Czech Republic in Portugal

Important web links and contacts

President of the Republic: https://www.presidencia.pt/

Government: https://www.portugal.gov.pt/pt/gc23


Ministry of Foreign Affairs

Ministry of National Defence

Ministry of Interior

Ministry of Finance

Department of Justice

Ministry of Economy and the Sea

Ministry of Culture

Ministry of Science, Technology and Higher Education

Ministry of Education

Ministry of Labour, Solidarity and Social Security

Ministry of Health

Ministry of the Environment and Climate Action

Ministry of Infrastructure and Housing

Ministry of Territorial Cohesion

Ministry of Agriculture and Food

Minister at the Government Office for Parliamentary Affairs

Minister at the Government Office

Government agencies in the field of economy

AICEP – government agency for the support of investments and foreign trade (similar to PaulTrade + CzechInvest)

IAPMEI – government agency for the support of small and medium-sized enterprises

Business chambers and unions

AIP – Portuguese Industry Association

AEP – Portuguese Business Association

ANPMES – National Association of Small and Medium Enterprises

CIP – Portuguese Trade Confederation

CCIP – Portuguese Chamber of Commerce and Industry

CCITPRC – Chamber of Commerce, Industry and Tourism Portugal – Czech Republic

Czech-Portuguese Chamber of Commerce (Prague)

Important addresses for entrepreneurs

Banco de Portugal – central bank

Portal das Finanças – General Directorate of Taxes and Customs

INE – National Statistical Office


RTP – public TV and radio

SIC Notícias – news portal of SIC television

Público – a daily newspaper

Diário de Notícias – daily newspaper

Observador – news portal

Portugal Economic Data