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Portugal
Chamber of Commerce Country Factsheet Last update: 22.06.2018

Your advisors at the Chamber of Commerce

  • Violaine Mathurin
    +352423939481
  • Thomas Bertrand
    +352423939337
Contact us: europe@cc.lu

Key Indicators

Area
92,090 km2
Population
10,839,514 (July 2017 est.)
Government type
semi-presidential republic
Languages
Portuguese (official), Mirandese (official, but locally used)
GDP
$311.3 billion (2017 est.)
Growth rate
2.5% (2017 est.)
HDI
41
Capital
Lisbon

 

Introduction

Following its heyday as a global maritime power during the 15th and 16th centuries, Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. A 1910 revolution deposed the monarchy; for most of the next six decades, repressive governments ran the country. In 1974, a left-wing military coup installed broad democratic reforms. The following year, Portugal granted independence to all of its African colonies. Portugal is a founding member of NATO and entered the EC (now the EU) in 1986.

Source: The CIA World Factbook - Portugal

 

Macroeconomic indicators

GDP growth is projected to remain above 2% in 2018 and 2019. The recovery will continue to be supported by past reforms, favourable external trade and domestic demand conditions. Investment activity will be underpinned by an increase in the absorption of EU structural funds in 2018. Consumption growth will remain solid, reflecting strong employment growth.

The stance of fiscal policy will be mildly expansionary in 2018 before becoming broadly neutral in 2019. This is appropriate given the need to maintain medium-term fiscal sustainability while not impeding the economic recovery. Productivity-enhancing reforms that improve skills can reinforce the strength of the recovery. These include further measures to improve the efficiency of the vocational education system and support skill accumulation in general education. The latter would benefit from improved teacher training and better support to students at risk of falling behind.

Source: OCDE - Economic Forecast

IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
0.9061.4501.0081.0851.160
Gross domestic product, current prices
U.S. dollars (Billions)
230.483199.032205.860213.001219.604
Gross domestic product per capita, current prices
U.S. dollars (Units)
22,159.43919,117.27619,758.74420,429.44121,047.492
Inflation, average consumer prices
Percent change
-0.1600.5080.7321.1311.433
Volume of imports of goods and services
Percent change
8.4157.8683.0423.2994.120
Volume of exports of goods and services
Percent change
5.4146.2702.9012.7843.988
Unemployment rate
Percent of total labor force
13.89412.44411.16410.70310.256
Current account balance
U.S. dollars (Billions)
0.1450.8380.046-1.397-1.705
Current account balance
Percent of GDP
0.0630.4210.022-0.656-0.777
Colored cells are estimates

Source: IMF Statistics

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 25.05.1999 (Memorial 2000, A No.88, p.2061)
  • Effective as of 01.01.2001 (Memorial 2000, A No.88, p.2061)
  • Amendment of the Convention from 07.09.2010 (Memorial 2011, A No.146, p.2029)
  • Effective as of 01.01.2013 (Memorial 2011, A No.146, p.2029)

Air Services agreement

  • Agreement from 21.10.1950 (Memorial 1951, p. 1187)
  • Agreement effective as of the date of signature

Source: Administration des contributions directes

 

 

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Portugal

Embassy of the Grand Duchy of Luxembourg in Portugal

Ambassador: Mr Jean-Jacques Welfring
Rua das Janelas Verdes 43
P-1200 690 Lisbon
Tél.: (+351) 213 931 940
Fax: (+351) 213 901 410
E-mail: lisbonne.amb(at)mae.etat.lu 
Website: lisbonne.mae.lu

Honorary Consuls

Honorary Consul with jurisdiction in the districts of Beja and FaroMr Jorge Alberto JUSTO PEREIRA
Rua Augusto Carlos Palma, 71 - r/c
8800-345 Tavira
Tél.: (+351) 281 322 606
GSM: (+351) 966 001 954 
E-mail: jorgejustopereira(at)gmail.com

Honorary Consul with jurisdiction in the Districts Porto, Aveiro, Braga, Viana do Castelo, Vila Real, Bragança, Viseu and Guarda:

Mr Antonio DE OLIVEIRA
24, rue António Galvão
4100-089 PORTO
Tél.: (+351) 224904948
Fax: (+351) 224030252
E-mail: consul.luxemburgo.norte(at)gmail.com   

Source: Ministry of Foreign Affairs of Luxembourg

Economic and Commercial Attaché (AWEX) in charge of Portugal:

Mrs Maria da Luz de Sousa
Rua Castilho 75-4 DT 1250-068 
Lisbonne
Tel: +351 21 353 98 10
E-mail: lisbonne(at)awex-wallonia.com 

Source: AWEX

Country risk as defined by Office du Ducroire for Portugal

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Portugal

Other useful links