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



Your advisors at the Chamber of Commerce

Thomas Bertrand

Martine Bisenius

Contact us: europe@cc.lu


Key indicators

Area
92,090 km2
Population
110,263,850 (July 2021 est.)
Government type
semi-presidential republic
Languages
Portuguese (official), Mirandese (official, but locally used)
GDP
$231.256 billion (2020 est.)
Growth rate
-7.6% (2020 est.)
HDI
38
Capital
Lisbon

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 descriptor 2018 2019 2020 2021 2022

Gross domestic product, constant prices

Percent change

2.441

1.913

1.600

1.500

1.500

Gross domestic product, current prices

Percent change

(Billions)

240.901

236.408

243.229

252.996

262.862

Gross domestic product per capita, current prices

Percent change

(Units)

23,437.390

23,030.786

23,731.127

24,727.892

25,744.800

Inflation, average consumer prices

Percent change

1.168

0.897

1.238

1.333

1.400

Volume of imports of goods and services

Percent change

5.419

5.924

5.548

4.521

4.134

Volume of exports of goods and services

Percent change

3.650

3.988

3.978

3.805

3.629

Unemployment rate

Percent change

6.994

6.105

5.575

5.373

5.275

Current account balance

Percent change

(Billions)

-1.454

-1.400

-1.734

-1.844

-2.877

Current account balance

Percent change

-0.604

-0.592

-0.713

-0.729

-1.094

Estimates

Source: IMF Statistics


Relationships with Luxembourg

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 with residence in Lisbon: Mr Conrad BRUCH

Rua das Janelas Verdes, 43
PT-1200-690 Lisbon
Portugal

Tel.: (+351) 213 931 940
Fax: (+351) 213 901 410
E-Mail: lisbonne.amb@mae.etat.lu 
Website: lisbonne.mae.lu 

Honorary Consuls

Honorary Consul with jurisdiction in the Districts of Beja and Faro:

Mr Jorge Alberto JUSTO PEREIRA

Rua Augusto Carlos Palma, 71 - r/c
8800-345 Tavira
Portugal

Tel.: (+351) 281 322 606
Mobile: (+351) 966 001 954
E-Mail: jorgejustopereira@gmail.com 

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

Mr Antonio DE OLIVEIRA

24, rue António Galvão
4100-089 Porto
Portugal

Tel.: (+351) 224 904 948
E-Mail: consul.honorario.luxemburgo.porto@gmail.com     

Source: Ministry of Foreign Affairs of Luxembourg

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


Chamber of Commerce and the country