Portugal is a country located on the Iberian Peninsula in Western Europe with a population of about 10.5 million. It has a developed economy that is shifting from industry and agriculture to a knowledge-based service economy. In 2013, Portugal's GDP grew 1.7% in the last quarter following two years of an international assistance program, and the economy is projected to continue a modest recovery in 2014 and 2015.
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Index
1. Background 3
1.1 Geography 3
1.2 Population and language 3
1.3 Summary 3
2. Politics 4
3. Infrastructures 4
4. Economy 4
4.1 Economic structure 4
4.2 Current economic situation and outlook 5
5. International trade 6
6. International investment 8
6.1 Foreign direct investment in Portugal 8
6.2 Portuguese foreign direct investment 9
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Background
Mainland Portugal is geographically located in Europe’s West
Coast, on the Iberian Peninsula. It is bordered by Spain to the
North and East and by the Atlantic Ocean to the West and South,
making it a privileged geo strategic location between Europe,
America and Africa.
In addition to the mainland, Portugal’s territory also includes
the Autonomous Regions of the Azores and Madeira, two
archipelagos located in the Atlantic Ocean.
Portuguese borders have remained unchanged since the XIII
Century, making Portugal one of the oldest countries in the
world, with nearly 900 years of history that clearly demonstrates
its strong identity and internal cohesion.
Geography
On mainland Portugal, the Tagus River, Portugal’s largest river,
divides the high mountainous lands and plateaus of the North,
from the low lying plains of the South. Also the flat coastal area
contrasts with that of the inland. The highest peaks are found in
a mountainous range in the centre of the country, of which Serra
da Estrela is the highest with 1,991 m. On the archipelagos, Pico
(2,351 m) is the highest peak in the Azores, while Pico Ruivo
(1,862 m) is the highest peak in Madeira.
The coast of mainland Portugal is mostly unbroken, except for
two major estuaries (Tagus and Sado). There are also small bays
(Peniche, Sines and Lagos) and lagoons (Vouga-Aveiro, Óbidos
and Faro). Headlands are few in number, small in size but of great
beauty: these include the Capes of Mondego, Carvoeiro, Roca,
Espichel, Sines, S. Vicente and Santa Maria.
Portugal’s climate offers mild winters and pleasant summers. The
wettest months are November and December, whilst the driest
are from April to September.
Population and language
Portugal’s population is estimated at 10.5 million, of which
51% are economically active. The demographic concentration is
higher near the coastal areas, with Lisbon (the capital city) and
Porto showing the highest population density.
The Portuguese language is spoken by more than 200 million
people spread over all continents: Europe, Africa, America and
Asia. This diversity greatly contributes to the strong historical and
cultural ties that Portugal has with the world.
Summary
Area: 92,212.0 sq km
Population (thousands): 10,499 (2013) a
Working population
(thousands):
5,388 (Q4 2013) a
Population density
(inhabit./sq km):
114.3a
(2012)
Official designation: Republic of Portugal
Capital: Lisbon (2.1 million inhabit.– metropolitan area)
District Capitals:
Aveiro, Beja, Braga, Bragança, Castelo Branco,
Coimbra, Évora, Faro, Funchal (in Madeira),
Guarda, Leiria, Ponta Delgada (in the Azores),
Portalegre, Porto, Santarém, Setúbal, Viana do
Castelo, Vila Real and Viseu.
Main religion: Roman Catholic
Language: Portuguese
Currency: Euro (in units of 100 cents)
EUR = 200.482 PTE (fixed parity 1/01/99)
EUR = 1.3281 USD (average rate in 2013)
GDP at market prices: 165,854 million EUR (2013) a
GDP per capita (PPP): 19,100a
EUR (2013) a
Source: INE (Statistics of Portugal); Banco de Portugal and EIU - Economist Intelligence Unit.
Note: (a) Estimate
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Politics
The Republic of Portugal is a Parliamentary democracy, based
on the respect and the effective guarantees for fundamental
rights and freedoms and the separation and interdependence of
powers. Under the Portuguese Constitution, sovereign powers
are vested in the President of the Republic, the Assembly of the
Republic, the Government and the Courts.
The President of the Republic is the Head of State, elected by
direct universal suffrage for a five year term, with a maximum of
two terms. The current President of the Republic is Aníbal Cavaco
Silva who was re-elected on 23rd
January 2011.
Legislative power lies with the Parliament (Assembly of the
Republic) represented by 230 members which are elected by
popular vote to serve a four year term.
Executive power lies with the Government, headed by the Prime
Minister, the Ministers and the Secretaries of State. Pedro Passos
Coelho, Portugal’s Prime Minister and the leader of the Social
Democratic Party won the legislative elections in June 2011.
The Portuguese judicial system consists of several categories of
Court, independent of each other, with their own structure and
rules. Two of these categories are composed only by one Court
(the Constitutional Court and the Court of Auditors). The Judicial,
Administrative and Fiscal Courts are numerous, hierarchically
structured and respond to a Supreme Court. In addition, there are
Maritime Courts, Courts of Arbitration and Justices of the Peace.
Infrastructures
Road Infrastructures: Portugal has a developed road network,
comprising of motorways (AE), main roads (IP), secondary roads (IC),
national roads (EN) and municipal routes. In 2012, the mainland road
network reached 14,284 km, of which 2,988 km was motorway,
more than 1/5 of the total road network.
Rail Network: The rail network comprises 2,843 km (2,794 km
with rail traffic) providing North-South connection down the
coastline and East-West across the country. Railway network
density tends to be more significant in regions with a higher
population concentration.
Airports: There are 15 airports. On the mainland the three major
international airports are located in the coastal cities of Lisbon,
Porto and Faro. Due to the isolation of the Autonomous Regions
there are a larger number of airports. The Azores have nine and
Madeira has two. Most international airlines serve the country’s
main airports.
Maritime Routes: Mainland Portugal has nine major ports: Viana
do Castelo and Leixões, in the North; Aveiro and Figueira da Foz,
in the Centre; Lisbon and Setúbal in the Lisbon region; Sines in
the Alentejo; Faro and Portimão in the Algarve. The Autonomous
Region of the Azores has eight ports and the Autonomous Region
of Madeira has three. Only Lisbon and Leixões on the mainland
offer passenger services, though the number of passengers
embarking and disembarking at Leixões port is insignificant. The
port infrastructure is thus primarily geared to handling goods.
This is particularly so at Sines (40.4% of total in 2012), Leixões
(22.5%) and Lisbon (14.8%).
Economy
Economic structure
Following the trend of its European partners, over the last decades
one of the most important characteristics of the structure of the
Portuguese economy is the increase in the services sector, that
contributed, in 2013, with 74.4% of GVA and employed 65.9%
of the population. Agriculture, forestry and fishing generated
only 2.4% of GVA (compared with 24% in 1960), and 9.9% of
employment, while industry, construction, energy and water
represented 23.1% of GVA and 24.2% of employment.
In the last decade, apart from a greater focus and diversification of
serviceswithintheeconomicactivity,therewas,inthetransformation
industry in Portugal a significant change in its specialization. Coming
from a dependence on traditional industrial activities to a situation
where new sectors, with a larger amount of technology, have gained
importance and significant growth, sectors such as the automotive
and components sector, electronics, energy, pharmaceutical sector
and industries related to new technologies of information and
telecommunications.
Also, Portugal’s geographic position also impacts on the growth of
the services sector. The mild Mediterranean climate, regulated by
the influence of the Atlantic, together with its extensive coastline,
are significant factors driving the growth of the tourism industry.
GVA Breakdown – 2013
Services Agriculture, forestry,
and fishing
Industry, construction,
energy and water
Source: Office For Strategy and Studies - Ministry of Economy
Note: GVA - Gross Value Added
2.4%
23.1%
74.4%
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Current economic situation and outlook
The Portuguese economy registered a lower decline in economic
activity during 2013 (-1.4%), in comparison to 2012 (-3.2%).
The positive performance of exports and a smaller contraction in
domestic demand and of investment were determining factors
in this recuperation.
Sources: Office For Strategy and Studies - Ministry of Economy; Statistics of Portugal (INE); Banco de Portugal; EIU - Economist Intelligence Unit and European Union.
Notes: (a) Estimate; (b) Forecast: European Union (European Economic Forecast -Winter 2014) and EIU - Economist Intelligence Unit - February 2014
Exchange rate EUR/USD - EIU - Economist Intelligence Unit - February 2014
n.a. - not available
Economic Indicators 2009 2010 2011 2012 2013a
2014b
2015b
GDP at market prices Million EUR 168,529 172,860 171,126 165,108 165,854 167,800 171,500
Million USD 234,255 229,904 237,865 212,989 220,586 215,200 216,100
Real change -2.9 1.9 -1.3 -3.2 -1.4 0.8 1.5
Per capita (PPP) Euro 17,916 19,208 18,388 19,652 19,100 20,377 21,256
USD 24,903 25,546 25,559 25,351 25,403 26,082 26,783
Per person employed Nominal change 0.8 4.1 1.8 0.7 3.1 1.2 1.8
Private consumption Million EUR 109,775 113,980 112,980 108,493 107,011 103,200 105,200
Real change -2.3 2.5 -3.3 -5.3 -1.7 0.1 0.8
Public consumption Million EUR 37,186 37,335 34,082 30,120 31,606 31,100 31,700
Real change 4.7 0.1 -5.0 -4.7 -1.7 -2.5 -1.9
Investment/GFCF Million EUR 34,629 33,830 30,779 26,473 24,529 25,200 25,800
% of GDP 20.5 19.6 18.0 16.0 14.8 15.0 15.1
Real change -8.6 -3.1 -10.4 -14.3 -6.6 1.2 3.7
GFCF (excl, construction) % of GDP 7.9 7.5 6.9 6.6 6.6 n.a. n.a.
Real change -11.3 -1.7 -9.3 -9.1 2.9 n.a. n.a.
Population ‘000 inhabitants 10,633 10,637 10,622 10,579 10,499 10,489 10,478
Employment ‘000 individuals 5,054 4,978 4,837 4,635 4,514 4,515 4,534
Unemployment ‘000 individuals 529 603 706 860 876 892 877
Rate of economic activity % of total pop. > 15 years old 61.9 61.9 61.3 61.0 60.2 n.a. n.a.
Unemployment rate Portugal % of active population 10.6 12.0 12.9 15.9 16.5 16.8 16.5
Unemployment rate EU-28 % of active population 9.0 9.7 9.7 10.5 10.9 10.7 10.4
Overall balance - General Government % of GDP -10.2 -9.8 -4.3 -6.4 -5.9 -4.0 -2.5
Public Debt % of GDP 83.7 94.0 108.2 124.1 129.4 126.6 125.8
Current Account Balance Million EUR -18.370 -17.978 -12.322 -3.632 663 1.342 1.887
% of GDP -10.9 -10.4 -7.2 -2.2 0.4 0.8 1.1
HCPI – Portugal Annual change – average -0.9 1.4 3.6 2.8 0.4 0.8 1.2
HCPI – EU-28 Annual change - average 1.0 2.1 3.1 2.6 1.5 1.2 1.5
Employment Breakdown - 2013
Services Agriculture, forestry
and fishing
Industry, construction,
energy and water
Source: Office For Strategy and Studies - Ministry of Economy
9.9%
24.2%
65.9%
1 Statistics of Portugal (INE) - National Accounts Preliminary Quarterly and Annual
11 March 2014
2 European Economic Forescat - Winter 2014
In accordance with data published by Instituto Nacional de
Estatisticas (INE1
), GDP increased, in comparison to the same
period in 2012, by 1.7% in the last quarter of 2013.
After two years of the Economic and Financial Assistance
programme, the Portuguese economy registered significant
improvements, in respect to the external rebalancing and the
reduction of the primary structural budget deficit, as well as
access to international financial markets versus the financial
capacity of the Portuguese economy.
The expectations of the EU2
are a recuperation of the Portuguese
economy that should increase 0.8% in 2014 and 1.5% in 2015.
These perspectives are part of an intense pressure to reduce
public spending, rigorous budget consolidation and other
austerity measures, still necessary and stated in the financial
assistance programme agreed with the European Union and the
IMF that will terminate in April 2014.
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International trade
According to preliminary data released by the Banco de Portugal,
in 2013, exports of goods and services registered an increase
of 5.7% and imports showed a slight increase (+1.1% in
comparison to 2012). The trade balance of goods and services
were positive in 2013, reversing the negative tendency registered
over the last decade.
Exports of goods also increased over the same period (+4.6%
in relation to 2012), in accordance with the preliminary data
supplied by INE, while imports of goods only increase by 0.8%.
Trade balance of goods continued to show a deficit in 2013,
however for the fourth consecutive year the deficit has decreased
(-14.9% in relation to 2012 and -52.9% between 2009 and
2013).
Machinery and tools continue to be the most exported products
(14.8% in 2013), followed by oil products (10.5% of the total),
vehicles and other transport material (10.5%), base metals
(7.8%) and plastics and rubber (6.9%). These five main product
groups represented about 51% of the total exported by Portugal
in 2013.
The principal destination for exports of goods was the EU (70.2%),
highlighting the increase in the export quota for the MAGREB
markets (3.2% 2013, against 2.3% in 2012). Portugal’s main
clients were Spain, Germany and France representing around
47% of the total exported in 2013. The main clients remain
almost identical, in relation to 2012, with the exception of Brazil
that gained importance in relation to China that dropped out of
the TOP 10.
In relation to the imports of goods, oil products, machinery and
tools, agricultural and chemical products lead the ranking of
purchases made in 2013, representing, in total, 56% of the total
imported (57% over the same period in 2012). The majority of
products purchased in 2013 (72.3% of the total) were from the
European Union. The main suppliers were Spain, Germany and
France that together represented 51% of total imports in 2013,
highlighting Russia’s entry into the TOP 10, to the detriment of
Brazil.
Portugal’s International Trade 2008 2009 2010 2011 2012a
2013a
TVH (%)
2013/2012
Trade in goods and services
Exports (fob) Million EUR 57,066 48,339 54,981 62,233 64,535 68,218 5.7
Imports (fob) Million EUR 73,449 60,148 67,498 68,741 64,683 65,372 1.1
Balance (fob) Million EUR -16,383 -11,809 -12,517 -6,508 -148 2,845 2.023
% of GDP -9.5 -7.0 -7.2 -3.8 -0.1 1.7
Trade in goods
Exports (fob) Million EUR 38,847 31,697 37,268 42,828 45,259 47,340 4.6
Imports (cif) Million EUR 64,194 51,379 58,647 59,229 56,166 56,617 0.8
Balance (fob-cif) Million EUR -25,347 -19,682 -21,379 -16,401 -10,907 -9,277 -14.9
% of GDP -14.7 -11.7 -12.4 -9.6 -6.6 -5.6
Source: Banco de Portugal (Trade in goods and services); INE - Statistics of Portugal (Trade in goods);
Note: (a) 2012 provisional and 2013 preliminary data
Source: INE - Statistics of Portugal (2012 provisional and 2013 preliminary data) Source: INE - Statistics of Portugal (2012 provisional and 2013 preliminary data)
Geographical Distribution - Exports of Goods Geographical Distribution - Imports of Goods
UE 28
PALOP
NAFTA
MAGREB
MERCOSUL
Others
UE 28
PALOP
NAFTA
MERCOSUL
MAGREB
Others
2012
70.2%
8.0%
5.1%
3.2%
2.3% 11.3%
2013
71.1%
8.0%
5.0%
2.4%
2.3% 11.3%
2012
2013
71.8%
3.2%
3.1%
2.6%
2.2%
17.1%
72.3%
4.8%
1.9%
1.8%
1.2%
18.1%
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Trading Partners – Main Clients of Goods
Source: INE - Statistics of Portugal (2012 provisional and 2013 preliminary data)
Trading Partners – Main Suppliers
Source: INE - Statistics of Portugal (2012 provisional and 2013 preliminary data)
Exports – Main Products
Spain
Germany
France
Angola
United Kingdom
USA
Netherlands
Italy
Imports – Main Products
Belgium
Brazil
China
Others
Spain
Germany
France
Italy
Machinery and tools
Oil products
Vehicles and other transport material
Base metals
Plastics and rubber
Chemical products
Other products
Agricultural products
Food products
Clothing
Wood Pulp and paper
Minerals and mineral products
Footwear
Textile materials
Wood and cork
Optical and precision instruments
Skins and leather
Oil products
Machinery and tools
Agricultural products
Chemical products
Vehicles and other transport material
Base metals
Plastics and rubber
Food products
Textile materials
Clothing
Other products
Optical and precision instrument
Wood Pulp and papers
Skins and leather
Wood and Cork
Minerals and mineral products
Footwear
Netherlands
Angola
United Kingdom
Belgium
China
Rússia
Brazil
Others
Source: INE - Statistics of Portugal (2012 provisional and 2013 preliminary data)
2013
22.5%
12.4%
11.8%
6.6%5.3%
3.7%
4.1%
3.1%
1.7%
24.6%
2012
23.6%
11.6%
11.6%
6.6%5.5%4.2%
3.3%
4.0%
2.8%
1.6%
25.1%
4.1%
2013
32.0%
11.4%
6.6%5.2%4.8%3.2%
2.5%
3.0%
2.4%
2.4%
26.4%
201232.3%
11.4%
6.8%5.2%5.0%4.6%
2.5%
2.9%
2.4%
1.8%
25.1%
2013 2012
15.3%
8.3%
11.6%
8.2%
6.9%
5.6%
6.1%
5.4%
5.2%
5.4%
4.9%
4.9%
3.6%
3.6%
3.2%
1.2%
0.4%
14.8%
10.5%
10.5%
7.8%
6.9%
5.7%
5.5%
5.4%
5.4%
5.3%
4.9%
4.8%
3.8%
3.7%
3.2%
1.4%
0.5%
2013 2012
20.7%
14.8%
10.8%
10.9%
8.4%
7.6%
5.5%
4.4%
2.6%
2.8%
2.9%
2.1%
2.0%
1.1%
1.1%
1.2%
1.0%
19.5%
14.5%
11.1%
10.5%
8.7%
7.7%
5.8%
4.7%
2.9%
2.9%
2.9%
2.2%
2.1%
1.3%
1.2%
1.2%
1.0%
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Foreign Direct Investment in Portugal
per Sector a
Foreign Direct Investment in Portugal
by Country of Origin a
Source: Banco de Portugal; Note: (a) Gross Investment
Trends in Foreign Direct Investment in Portugal
Source: Banco de Portugal; Unit: Million EUR
Source: Banco de Portugal; Nota: (a) Gross Investment
Gross investment Net investment
50,000
40,000
30,000
20,000
10,000
International investment
Foreign direct investment in Portugal
In 2013, Foreign Direct Investment (FDI), in gross terms, reached
a total amount of 30.1 billion Euros (-36.8% in relation to 2012),
while the FDI stock registered up to the end of the year 93.2 billion
Euros (+2.9% in relation to 2012).
Wholesale and retail trade was the sector that most benefited with
the inflow of foreign capital, (31.9% of the total in 2013 against
34.2% in 2012), followed by the manufacturing industries (22.5%
in relation to 15.3% in 2012) and financial and insurance activities
(20.8% in 2013 and 25.3% in 2012), representing in total, 75% of
total gross FDI in 2013, the same as in 2012.
The EU is still the main origin of FDI in Portugal (93% of the total
in 2013). Spain, France, United Kingdom, Germany and Belgium
lead the ranking (78.4% of the total in 2013, when in 2012 they
represented 56.8%).
Outside the European Union, only Switzerland (8th largest
investor) and Brazil (9th) appear in the 10 major foreign investors
in Portugal, in 2013.
Netherlands
Luxembourg
Switzerland
Brazil
Sweden
Spain
France
United Kingdom
Germany
Belgium
Áustria
Cyprus
Others
2013
32,018
1,948 1,998
7,0018,021
2,345
39,622
43,087
47,656
30,109
2009 2010 2011 2012
2013
2012
34.2%
25.3%
15.3%
7.7%
6.3%
5.7%
0.6% 0.3%
4.6%
31.9%
22.5%20.8%
4.0%
3.6%
2.8%
12.3%
1.1%
1.0%
Information and communication
activities
Consultancy, scientific and
technical activities
Construction
Real estate activities
Others
Wholesale and retail
trade
Manufacturing
Financial and insurance
activities
Electricity, gas, water
2013
2012
18.6%
14.9%
14.2%
11.6%
9.2%
7.9%
4.8%
6.2%
4.7%
4.2%
3.7%
22.3%
18.1%
11.5%
10.8%
8.0%
4.9%
4.7%
3.0%
0.6% 0.5%
15.7%
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Source: Banco de Portugal; Note: (a) Gross Investment
Portuguese foreign direct investment
Over the last 5 years Portuguese foreign direct investment (PFDI),
in gross terms, was estimated between 7 and 20 billion Euros.
In 2013, gross Portuguese foreign direct investment (PFDI)
totalled around 14.1 billion Euros, showing a decrease in relation
to 2012 (-12.0%), also registering a high level of disinvestment,
but lower than the previous year. In net terms an amount of
1.1 billion Euros were reached, highlighting an increase over
the same period in 2012, but lower than in 2011. PFDI Stock
registered, until the end of 2013, 59.4 billion Euros (+3.0% in
relation to 2012).
Portuguese Foreign Direct Investment
per Sector a
Portuguese Foreign Direct Investment
by Major Recipients a
Trends in Portuguese Foreign Direct Investment
Source: Banco de Portugal; Unit: Million EUR
Source: Banco de Portugal; Note: (a) Gross Investment
Gross Investment Net Investment
Financial and insurance activities were the areas that Portuguese
companies most invested in (85.3% of the total in 2013 against
74.8% over the same period in 2012), followed by wholesale
and retail trade (4.5%) and the manufacturing industries (4.4%
of the total, while in 2012 it was 11.8%).
The European Union was the main market for PFDI (93.0% in
2013, against 82.5% in 2012). In the ranking for the PFDI mar-
kets the Netherlands lead by a large margin (63.1% of the to-
tal in 2013 and in 2012 69.1%), followed by Germany (16.1%
in 2013 and 0.5% in 2012) and Spain (8.4% against 4.4% in
2012).
Financial and insurance
activities
Wholesale and retail trade
Manifacturing industries
Construction
Consultancy, scientific and technical
activities
Electricity, gas, water
Real estate activities
Information and communication
activities
Others
Netherlands
Germany
Spain
Brazil
Poland
United Kingdom
Luxembourg
Angola
Mozambique
France
USA
Others
588
-5,658
10,722
451 1,075
7,770
9,790
15,966
14,048
2009 2010 2011 2012 2013-10.000
-5.000
0
5.000
10.000
15.000
20.000 19,560
2013
2012
74.8%
11.8%
3.2%
3.0%
1.7%
4.1%
0.1%
1.1%
0.2%
85.3%
4.5%
4.4%
1.9%
0.1%
1.4%
0.1%
1.5%
0.7%
2013
2012
69.1%
5.6%
4.4%
3.5%
2.4%
1.7%
9.6%
1.1%
1.0%
0.9% 0.8%
63.1%
16.1%
8.4%
2.6%
1.1%
1.1%
1.1%
0.9% 0.7%
0.7%
4.4%