This study conducted a seismic risk assessment for Portugal using probabilistic seismic hazard analysis and developing new exposure and vulnerability models. A probabilistic seismic hazard model was developed considering logic trees for ground motion models, seismic source characterizations, and other parameters. An exposure model was created using a national building census to characterize Portugal's building stock. Fragility functions were developed for reinforced concrete and masonry structures. Probabilistic loss estimates were calculated at different spatial scales to identify regions in Portugal where risk mitigation measures should be prioritized.