Portugal
Aggregate economic overview and outlooks
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Macroeconomic scenario 2022-2028
Stability Programme
| Variation rate in percentage | 2022 | 2023 (e) | 2024 (p) | 2025 (p) | 2026 (p) | 2027 (p) | 2028 (p) |
| GDP and expenditure components (in real terms) GDP | 6,8 | 1,8 | 2,0 | 2,0 | 1,9 | 1,8 | 1,9 |
| Private Consumption | 5,6 | 0,6 | 1,3 | 1,4 | 1,5 | 1,6 | 1,8 |
| Public Consumption | 1,4 | 2,6 | 1,2 | 1,0 | 1,0 | 0,7 | 1,3 |
| Investment (GFCF) | 3,0 | 3,4 | 5,3 | 4,0 | 3,1 | 1,2 | 1,7 |
| Exports of goods and services | 17,4 | 4,3 | 4,0 | 4,3 | 4,1 | 4,0 | 1,9 |
| Imports of goods and services | 11,1 | 3,7 | 4,1 | 4,1 | 3,8 | 3,1 | 1,5 |
| Contributions (p.p.) | - | - | - | - | - | - | - |
| Internal demand | 4,5 | 1,6 | 2,1 | 1,9 | 1,8 | 1,4 | 1,7 |
| Net external demand | 2,3 | 0,2 | -0,1 | -0,1 | 0,2 | 0,4 | 0,2 |
| Price developments | - | - | - | - | - | - | - |
| GDP Deflator | 5,0 | 5,7 | 3,0 | 2,4 | 2,3 | 2,1 | 1,8 |
| HIPC | 8,1 | 5,1 | 2,9 | 2,1 | 2,0 | 2,0 | 2,0 |
| Labour Market Development | - | - | - | - | - | - | - |
| Employment | 1,5 | 0,3 | 0,5 | 0,3 | 0,2 | 0,1 | 0,3 |
| Unemployment rate (%) | 6,0 | 6,7 | 6,4 | 6,2 | 6,0 | 5,8 | 6,2 |
| Apparent labour productivity | 5,2 | 1,4 | 1,5 | 1,7 | 1,7 | 1,7 | - |
| Current and capital account balance (% of GDP) | - | - | - | - | - | - | - |
| Net financing need compared to other countries | -0,4 | 2,4 | 1,0 | 1,5 | 1,5 | 1,3 | 0,8 |
| Current account balance | -1,3 | 0,4 | -0,5 | -0,2 | 0,1 | 0,6 | 0,0 |
| Of which: trade balance | -2,4 | 1 | 0,9 | 0,7 | 0,5 | 0,5 | 0,0 |
| Capital account balance | 1,0 | 2,1 | 1,5 | 1,6 | 1,5 | 0,6 | 0,8 |
National accounts perspective: (e) Estimate; (p) Forecast
Source: INE, I.P. e Ministério das Finanças
Gross Domestic Product
Private Consumption
Public Consumption
Gross Fixed Capital Formation
Exports
Imports
Harmonized Index of Consumer Prices
Gross Domestic Product Deflator
Unemployment Rate (% of active population)
Stability Program/2023
State Budget/2023
Stability Program/2022
Source: INE, I.P. e Ministério das Finanças
