{{use dmy dates|date=August 2020}}

{{Infobox economy

| country = Portugal

| image = File:Lisbon - Expo -3 (16928356685).jpg

| currency = [[Euro]] (EUR, €)

| fixed exchange = 1 [[euro]] = 200.482 [[Portuguese escudo]]

*[[Developed country|Developed/Advanced]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=110&sg=All+countries+%2f+Advanced+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>

*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}

| gdp = {{plainlist|

| gdp rank = {{plainlist|

| growth = {{plainlist|

}}

| per capita = {{plainlist|

| per capita rank = {{plainlist|

| sectors = {{plainlist|

| components =

| inflation = {{plainlist|

| poverty = {{plainlist|

| hdi = {{plainlist|

| edbr = {{decrease}} [[Ease of doing business index#Ranking|39th (very easy, 2020)]]<ref>{{cite web|url=http://www.doingbusiness.org/data/exploreeconomies/portugal |title=Ease of Doing Business in Portugal |publisher=Doingbusiness.org |access-date=23 January 2017 }}</ref>

| labor = {{plainlist|

| occupations = {{plainlist|

| unemployment = {{plainlist|

| industries = textiles, clothing, footwear, wood and [[cork material|cork]], paper, [[chemicals]], auto-parts manufacturing, base metals, dairy products, wine and other foods, [[porcelain]] and [[ceramic art|ceramics]], [[glassware]], technology, telecommunications; [[ship construction]] and [[:wikt:refurbishment|refurbishment]]; tourism, building materials

| export-goods = {{Collapsible list|agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, optical and precision instruments}}

| export-partners = {{plainlist|

| import-goods = {{Collapsible list|agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semi-conductors and related devices, household goods, passenger cars new and used, wine products}}

| import-partners = {{plainlist|

| debt = {{plainlist|

| balance = {{plainlist|

| credit = {{plainlist|

*[[Standard & Poor's]]:<ref name="Ratings">{{cite web|title=Ratings|url=https://www.igcp.pt/pt/menu-lateral/gestao-da-divida-publica/ratings/|work=IGCP - Agência de Gestão da Tesouraria e da Dívida Pública|access-date=20 April 2022|year=2022}}</ref>

*[[Moody's]]:<ref name="Ratings"/>

*Outlook: Stable

*[[Fitch Group|Fitch]]:<ref name="Ratings"/>

*Outlook: Stable

*[[DBRS]]:<ref name="Ratings"/>

| spelling =

}}

 

The Portuguese economy has been steady, expanding continuously since the third quarter of 2014, with a yearly GDP growth of 1.5% registered in the second quarter of 2015.<ref name="FE">{{cite web|title=Portugal Economic Outlook |url=http://www.focus-economics.com/countries/portugal|work=Focus Economics|access-date=28 July 2015|date=17 August 2015}}</ref> The economy's growth has been accompanied by a continuous fall in the unemployment rate (6.3% in the first quarter of 2019, compared with 13.9% registered in the end of 2014). The government budget deficit has also been reduced from 11.2% of GDP in 2010 to 0.5% in 2018. These rates mark an inversion from the negative trends caused by the impact of the [[financial crisis of 2007–2008]] in the Portuguese economy that made it to shrink for three consecutive years (2011, 2012, and 2013), accompanied by a high increase of the unemployment rate (that achieved a record of 17.7% in early 2013).<ref name="Jo">{{cite news|title=Portugal's Unemployment Rate Climbs to Record for Euro Era|url=https://www.bloomberg.com/news/2013-05-09/portugal-s-unemployment-rate-climbs-to-record-for-euro-era-1-.html|work=Bloomberg|publisher=Bloomberg L.P|access-date=12 May 2013|author=Joao Lima|date=9 May 2013}}</ref> The crisis has caused a wide range of domestic problems that are specifically related to the levels of public deficit, as well as the excessive debt levels, in the economy. The problems culminated in the confirmation from Portugal to a €78&nbsp;billion financial bailout from the EU in April 2011, following similar decisions from Greece and the [[Republic of Ireland]]. The government that assumed office in June 2011 had to face tough choices in regard to its attempts to stimulate the economy while at the same time seeking to maintain its public deficit around the EU average.<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/portugal/ |title=CIA&nbsp;– The World Factbook |publisher=Cia.gov |access-date=17 August 2015}}</ref>

Portugal is home to a number of notable leading companies with worldwide reputations, such as [[The Navigator Company]], a major world player in the international paper market; [[Sonae Indústria]], the largest producer of wood-based panels in the world; [[Corticeira Amorim]], the world leader in cork production; [[Conservas Ramirez]], the oldest canned food producer;<ref name="insideportugaltravel">{{cite web|url=http://www.insideportugaltravel.com/news-a-ideas/6151-conservas-a-ramirez-portugal%E2%80%99s-oldest-brand-opens-nutrition-center.html|website=insideportugaltravel.com|title=Conservas A Ramirez, Portugal's oldest brand, opens nutrition center, Inside Portugal Travel, 2009|access-date=14 December 2017|archive-url=https://web.archive.org/web/20160304063954/http://www.insideportugaltravel.com/news-a-ideas/6151-conservas-a-ramirez-portugal%E2%80%99s-oldest-brand-opens-nutrition-center.html|archive-date=4 March 2016|url-status=dead}}</ref> [[Cimpor]], one of the world's 10th largest producers of cement; [[EDP Renováveis]], the 3rd largest producer of wind energy in the world; [[Jerónimo Martins]], consumer products manufacturer and retail market leader in Portugal, Poland and Colombia; [[TAP Air Portugal]], highly regarded for its safety record, and one of the leading airlines linking Europe with Africa and Latin America (especially Brazil).

 

 

==History==

 

=== Portuguese Colonial Empire ===

During the [[Portuguese Empire]] period, started in the 15th century, until the [[Carnation Revolution]] of 1974, the economy of Portugal was centered in trade and [[raw material]]s related activities within its vast colonial possessions, mainly in Asia (spices, silk, [[dye]]s, [[porcelain]] and gems), Africa ([[ivory]], timber, oil, [[diamonds]] and slaves) and South America ([[sugar cane]], [[dye]]s, woods, and gold). The country, with a transcontinental empire with plenty of natural resources and vast unexploited areas, was among the most powerful nations in the world.

 

The [[Companhia União Fabril|CUF (Companhia União Fabril)]] group was the largest and most diversified of the Portuguese conglomerates. At one point, it became the largest industrial group in the Iberian Peninsula and one of the five largest in Europe. Its [[core business]]es included the cement, [[chemicals]], [[petrochemicals]], [[agrochemicals]], textiles, beer, beverages, [[metallurgy]], [[naval engineering]], [[electrical engineering]], insurance, banking, paper, tourism and mining. Its main business activities and corporate headquarters located in [[mainland Portugal]], but it also included branches, plants and several developing business projects all around the [[Portuguese Empire|Portuguese overseas territories]], especially in [[Angola (Portugal)|Angola]] and [[Mozambique (Portugal)|Mozambique]].<ref name="publico">{{cite web|url=https://www.publico.pt/2008/09/19/economia/noticia/cuf-o-maior-grupo-portugues-e-mais-do-que-memorias-1343311|website=publico.pt|title=Descendentes aomda detêm activos que foram do grupo fundado por Alfredo da Silva. CUF: o maior grupo português é mais do que memórias |date=19 September 2008 |access-date=14 December 2017}}</ref>

 

 

 

Labour unions were not allowed and a [[minimum wage]] policy was not enforced. However, in a context of an expanding economy, bringing better living conditions for the Portuguese population in the 1960s, the outbreak of the colonial wars in Africa set off significant social changes, among them the rapid incorporation of more and more women into the labour market. Marcelo Caetano moved on to foster economic growth and some social improvements, such as the awarding of a monthly pension to rural workers who had never had the chance to pay social security.

{{Main|European sovereign debt crisis}}

[[File:Piiggs balance sheet 2009.png|thumb|300px|Graph showing the economic data (Surplus/deficit, Public sector debt, GDP growth) of Portugal, the EU and the eurozone for 2009, from [[Eurostat]]]]

The Portuguese Financial crisis was a major political and [[economic crisis]], related with the European sovereign debt crisis and its heavy impact in Portugal. The crisis started to be noted in the initial weeks of 2010 and only began to fade away with the start of the Portuguese economic recovery in the late 2013. It was the Portuguese economy's most severe recession since the 1970s.<ref name="The">{{cite web|title=Portugal: A Peripheral Country at a Crossroads|url=http://www.thefinancialist.com/portugal-a-peripheral-country-at-a-crossroads/|work=The Financialist|access-date=12 May 2013|author=Ashley Kindergan|date=10 May 2013|archive-url=https://web.archive.org/web/20130607053212/http://www.thefinancialist.com/portugal-a-peripheral-country-at-a-crossroads/|archive-date=7 June 2013|url-status=dead}}</ref>

 

A report published in January 2011 by the ''[[Diário de Notícias]]'', a leading Portuguese newspaper, demonstrated that during the period of the [[Carnation Revolution]], from 1974 to 2010, the Portuguese democratic [[Government of Portugal|government]]s have encouraged over-expenditure and investment bubbles through unclear public-private partnerships. Consequently, numerous ineffective external consultancy/advising committees and firms were funded, and this facilitated considerable [[slippage (finance)|slippage]] in state-managed [[public works]], inflated top management and head officers' bonuses and wages. Additionally, a recruitment policy eventuated that has boosted the number of redundant public servants.<ref name="dn.sapo.pt">{{in lang|pt}} [https://dn.sapo.pt/inicio/tv/interior.aspx?content_id=1750097&seccao=Media Grande investigação DN Conheça o verdadeiro peso do Estado], [[Diário de Notícias]] (7 January 2011) {{webarchive|url=https://web.archive.org/web/20110108021723/http://dn.sapo.pt/inicio/tv/interior.aspx?content_id=1750097&seccao=Media |date=8 January 2011 }}</ref>

 

 

Four factors that heavily contributed to the financial crisis were:

* The financial collapse of [[Banco Português de Negócios]] (BPN) due to a huge amount of toxic credits conceded by the bank in exchange of promises of illegal gains to the administrators, like corporate positions or the acquisitions of assets previously detained by them. The government nationalized the bank in November 2008 and, according to the BPN Inquiry Commission, until 2012, the nationalization of the bank cost 3405&nbsp;million Euros to the State. In 2010 alone, the bank had an impact of 1803&nbsp;million Euros in the public accounts, which was equivalent to 1.2% of the GDP.<ref>{{in lang|pt}}{{cite news|url=https://www.jornaldenegocios.pt/empresas/banca___financas/bpn/detalhe/cinco_anos_apos_a_nacionalizacao_do_bpn_os_custos_ainda_estao_por_apurar.html|date=31 October 2013|title=Cinco anos após a nacionalização do BPN os custos ainda estão por apurar|publisher=Jornal de Negócios|access-date=5 February 2014}}</ref><ref>{{in lang|pt}}{{cite news|url=https://www.jornaldenegocios.pt/empresas/banca___financas/bpn/detalhe/administradores_do_bpn_escolhiam_parceiros_com_promessa_de_ganhos_indevidos.html|date=13 January 2014|title=Administradores do BPN escolhiam parceiros com promessa de ganhos indevidos|publisher=Jornal de Negócios|access-date=5 February 2014}}</ref>

* The budgetary slippage with the [[Public–private partnership]]s (PPPs): between 2008 and 2010 the accounts slipped 560.2&nbsp;million euros, mainly due to the rents paid to road concessions, to which were paid more 425.5&nbsp;million euros than it was budgeted. In 2011 the slippage in the rents with the road concessions rose 28% to 197.4&nbsp;million euros above what was budgeted and rose 42.3% to 266.3&nbsp;million euros above what had been forecasted for 2010. The State spent a total of 896.6&nbsp;million euros in rents to the road concessions. The rents paid to the PPPs in the health and rail sectors also slipped considerably.<ref>{{cite news|url=https://sol.sapo.pt/inicio/Economia/Interior.aspx?content_id=25107|title=Parcerias público-privadas derrapam 560 milhões|publisher=Sol|date=27 July 2011|access-date=5 February 2014|language=pt}}</ref>

* The [[Swap (finance)|Swap]]s contracted by State-owned businesses with potential losses higher than 3000&nbsp;million euros. In 2013, the Portuguese government reserved 898&nbsp;million euros in the Amending Government Budget to bear the costs of the settlement of these contracts, so those companies can pay the accumulated losses to the financial institutions with which they contracted those swaps. The recipient firms of that support are the [[Lisbon Metro]] (548&nbsp;million euros), the [[Porto Metro]] (315&nbsp;million euros), [[Rede Ferroviária Nacional|REFER]], whose administrator in the time when those contracts were approved is the former Finance Minister of Portugal, [[Maria Luís Albuquerque]] (20&nbsp;million euros) and [[Estradas de Portugal]] (15&nbsp;million euros).<ref>{{cite news|url=http://www.publico.pt/economia/noticia/governo-reserva-900-milhoes-para-liquidar-contratos-swap-1597161|title=Governo reserva 900 milhões para liquidar contratos swap|newspaper=Público|date=12 June 2013|access-date=5 February 2014|language=pt}}</ref>

|colors=green

}}

{| class="wikitable" style="text-align:center;"

!Year

|-

|1980

|32.6

|3,338.8

|-

|1981

|{{Decrease}}32.5

|{{Decrease}}3,296.7

|-

|1982

|{{Decrease}}30.7

|{{Decrease}}3,095.1

|-

|1983

|{{Decrease}}28.3

|{{Decrease}}2,838.7

|-

|1984

|{{Decrease}}26.0

|{{Decrease}}2,596.1

|-

|1985

|{{Increase}}27.2

|{{Increase}}2,716.6

|{{Increase}}1.6%

|{{DecreasePositive}}8.7%

|n/a

|-

|1986

|{{Increase}}37.9

|{{Increase}}3,774.6

|{{Increase}}3.3%

|{{DecreasePositive}}8.6%

|n/a

|-

|1987

|{{Increase}}47.4

|{{Increase}}4,724.5

|{{Increase}}7.6%

|{{DecreasePositive}}7.1%

|n/a

|-

|1988

|{{Increase}}55.4

|{{Increase}}5,532.6

|-

|1989

|{{Increase}}59.8

|{{Increase}}5,977.6

|-

|1990

|{{Increase}}79.4

|{{Increase}}7.9%

|{{IncreaseNegative}}13.4%

|-

|1991

|{{Increase}}89.9

|{{Increase}}9,026.3

|{{Increase}}3.4%

|{{DecreasePositive}}4.1%

|{{IncreaseNegative}}63.9%

|-

|1992

|{{Increase}}108.1

|{{Increase}}10,863.5

|{{Increase}}3.1%

|{{DecreasePositive}}3.9%

|{{DecreasePositive}}58.1%

|-

|1993

|{{Decrease}}95.1

|{{Decrease}}-0.7%

|{{IncreaseNegative}}5.9%

|-

|1994

|{{Increase}}99.7

|{{Increase}}9,977.6

|{{Increase}}1.5%

|{{IncreaseNegative}}6.3%

|{{IncreaseNegative}}60.4%

|-

|1995

|{{Increase}}118.2

|{{Increase}}11,787.3

|{{Increase}}2.3%

|{{IncreaseNegative}}7.9%

|{{IncreaseNegative}}62.2%

|-

|1996

|{{Increase}}122.7

|{{Increase}}3.5%

|{{IncreaseNegative}}8.0%

|{{IncreaseNegative}}63.3%

|-

|1997

|{{Decrease}}117.2

|{{Decrease}}11,594.8

|{{Increase}}4.4%

|{{DecreasePositive}}7.5%

|{{DecreasePositive}}58.7%

|-

|1998

|{{Increase}}124.1

|{{Increase}}12,216.7

|-

|1999

|{{Increase}}127.6

|{{Increase}}12,487.7

|-

|2000

|{{Decrease}}118.7

|{{Decrease}}11,531.5

|-

|2001

|{{Increase}}121.6

|{{Increase}}11,734.9

|-

|2002

|{{Increase}}134.7

|{{Increase}}0.8%

|{{IncreaseNegative}}5.8%

|{{IncreaseNegative}}60.0%

|-

|2003

|{{Increase}}165.2

|{{Decrease}}-0.9%

|{{IncreaseNegative}}7.0%

|{{IncreaseNegative}}63.9%

|-

|2004

|{{Increase}}189.3

|{{Increase}}1.8%

|{{IncreaseNegative}}7.4%

|{{IncreaseNegative}}67.1%

|-

|2005

|{{Increase}}197.4

|{{Increase}}0.8%

|{{IncreaseNegative}}8.3%

|{{IncreaseNegative}}72.2%

|-

|2006

|{{Increase}}208.8

|{{Increase}}19,840.5

|-

|2007

|{{Increase}}240.5

|{{Increase}}2.5%

|{{IncreaseNegative}}8.7%

|{{DecreasePositive}}72.7%

|-

|2008

|{{Increase}}263.4

|{{Increase}}24,946.3

|-

|2009

|{{Decrease}}244.4

|{{Decrease}}-3.1%

|{{IncreaseNegative}}10.2%

|{{IncreaseNegative}}87.8%

|-

|2010

|{{Decrease}}238.3

|{{Decrease}}22,539.0

|-

|2011

|{{Increase}}245.1

|{{Decrease}}-1.7%

|{{Increase}}3.6%

|{{IncreaseNegative}}114.4%

|-

|2012

|{{Decrease}}216.4

|{{Decrease}}-4.1%

|{{IncreaseNegative}}129.0%

|-

|2013

|{{Increase}}226.4

|{{Increase}}21,653.5

|{{Decrease}}-0.9%

|{{IncreaseNegative}}131.4%

|-

|2014

|{{Increase}}230.0

|{{Increase}}0.8%

|{{DecreasePositive}}14.5%

|{{IncreaseNegative}}132.9%

|-

|2015

|{{Increase}}29,668.8

|{{Decrease}}199.4

|{{Increase}}1.8%

|{{Increase}}0.5%

|-

|2016

|{{Increase}}206.4

|{{Increase}}19,986.4

|{{Increase}}2.0%

|{{Increase}}0.6%

|{{IncreaseNegative}}131.5%

|-

|2017

|{{Increase}}221.3

|{{Increase}}21,482.8

|-

|2018

|{{Increase}}242.4

|{{Increase}}23,573.3

|{{Increase}}2.8%

|{{DecreasePositive}}7.2%

|{{DecreasePositive}}121.5%

|-

|2019

|{{Decrease}}240.0

|{{Increase}}2.7%

|{{DecreasePositive}}6.7%

|{{DecreasePositive}}116.6%

|-

|2020

|{{Decrease}}228.8

|{{Decrease}}22,224.6

|{{Decrease}}-8.3%

|{{IncreaseNegative}}7.1%

|{{IncreaseNegative}}134.9%

|-

|2021

|{{Increase}}0.9%

|-

|2022

|{{IncreaseNegative}}8.1%

|2023

|{{IncreaseNegative}}6.6%

|}

 

== Government sector ==

=== Government expenditure by function ===

{|class= "wikitable sortable toccolours"

! style="background:#9acd32; color:black;"|Function

|-

|-

|-

|-

|-

|-

|-

|-

|-

|-

|}

 

{|class= "wikitable sortable toccolours"

! style="background:#9acd32; color:black;"|Function

|-

|-

|-

|}

 

[[File:Divisions of government.PNG|left|1]]

{{clear}}

 

The functions where the overspending probably existed were in "general public services", specifically those related with compensations to employees, intermediate and final consumptions of the "legislative and executive organs, financial and fiscal affairs and external affairs", some sub-functions in the item "economic affairs", since there was a very intensive public works, notably focused on new motorways, that didn't have a high multiplier effect. It is also worthy to mention the item "public order and safety" and "defence", with the compensations to employees and intermediate and final consumptions being quite higher than the EU average. There seems to have been an overspending on these functions, since Portugal has had only a very discrete role in international conflicts and the crime rate is also quite moderate. There was a big controversy about the purchase of two submarines, whose need has been questioned. Also the expenses in the sub-section of "outpatient services", belonging to the "health" function" was very high compared to the EU average, in opposition to the in-patient "hospital services" where the expenses were very low in 2011. It is also very relevant to explain the difficulties in controlling the deficits if we take into account the payments of interests concerning to loans contracted by the State. Having been stable around 3.0% of the GDP until 2010, they jumped to 4.2% in 2011.<ref>{{cite web|url=http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do |title=General government expenditure by function (COFOG) |publisher=Eurostat |access-date=2 February 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141006122431/http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do |archive-date=6 October 2014}}</ref>

 

{{Historical populations

|title = Number of Public Employees

|type =

|cols = 2

| graph-pos = bottom

|1968 | 196755

|2021 | 733896

|2022 | 742260

}}

 

 

In 2019, 13.7% of the employment as a percentage of the labour force worked in the General Government, as opposed to an average of 17.9% in the OECD.<ref>{{cite web|url=https://www.pordata.pt/Portugal/Emprego+nas+Administra%C3%A7%C3%B5es+P%C3%BAblicas+em+percentagem+da+popula%C3%A7%C3%A3o+activa-3128|website=Pordata|title=Emprego nas Administrações Públicas em % da população activa|access-date=16 May 2022}}</ref>

 

==Employment and wages==

 

===Wages===

 

The Portuguese minimum wage, according to article 273 of the Labor Code, is set after dialogue and negotiations in the Permanent Social Conciliation Commission, whose value includes the Government and the Employers' Confederations and Trade Union Confederations.

 

{| class="wikitable"

!Year

!Minimum Wage<ref>{{cite news|url=https://www.pordata.pt/portugal/evolucao+do+salario+minimo+nacional-74|title=Evolução do salário mínimo nacional|publisher=Portdata|access-date=30 April 2023|language=pt}}</ref>

|-

|2016

|2023

|'''760''' €

|}

 

'''Portuguese GMI'''

 

 

==Economy by sector==

[[File:Natural resources of Portugal.png|thumb|Natural resources of Portugal. Fe – [[iron ore]], PY – [[pyrite]], Sn – [[tin]], W – [[tungsten]], U – [[uranium]], C – [[coal]], L – [[lignite]].]]

 

===Natural resources===

 

===Agriculture===

In 2013, 61.7% of the energy produced was renewable, including 30.4% hydroelectric, 24.1% from wind, 5.2% from biomass, 0.9% solar energy and 1.1% from other renewable energy sources, particularly geothermical energy in the [[Azores]]. Thanks to this energetic strategy, during 2013 Portugal had reduced to only 5% the energy that it imports. Fossil fuels are still the source of 38.3% or the energy produced, but the trend is to diminish. In 2013, the increase in the production of clean energy helped to save 806&nbsp;million Euros in the imports of fossil fuels and CO₂ emission licenses.

 

 

In the 1970s, the country abandoned the plan to install nuclear plants and opted not to invest in [[nuclear power]], so there are no such plants in Portugal.<ref name="apren.pt"/><ref name="Público"/><ref name="apren"/>

 

Some large Portuguese companies in the services' sector have committed themselves to internationalize their services, like the retailer [[Jerónimo Martins]], which holds the largest supermarket chain in Poland and is also investing in Colombia. Worth to notice is also [[TAP Portugal]], a company often used by transit passengers traveling between Europe, Africa and Latin America (mainly Brazil), which is particularly regarded by its safety record.

 

==Financial market==

 

==Competitiveness==

[[File:Portuguese exports-en.svg|thumb|450px|The global distribution of Portuguese exports in 2006 as a percentage of the top market (Spain&nbsp;– $11,493,400,000).<ref name="imfstatistics">{{cite web|last=IMF |title=IMF statistics |url=http://www.imfstatistics.org/DOT |publisher=imfstatistics.org |access-date=3 May 2011 |url-status=dead |archive-url=https://web.archive.org/web/20101127072645/http://www2.imfstatistics.org/DOT/ |archive-date=27 November 2010 }}</ref>]]

 

*Portugal's public debt: The [[Portuguese national debt]] is around 125% of the GDP as of June 2017. This problem is a threat to the Portuguese economy and the State's financial sustainability.<ref>Economist Article: "The importance of not being Greece" http://www.economist.com/world/europe/displayStory.cfm?story_id=15959527</ref>

*A bloated public sector: The public sector has been generally considered a very large, expensive and inefficient part of the economy. An excess of public employees and useless bureaucracy results in the loss of millions of euros every year. From the ''XVI Governo Constitucional'' government, headed by Prime Minister [[José Durão Barroso]], to the ''XVII Governo Constitucional'' government, headed by Prime Minister [[José Sócrates]] (which tried to create new rules and implement reforms aiming at better efficiency, rationalized resource allocation, fight civil servant excedentary overcapacity (''excedentários'') and less bureaucracy for both citizens and companies&nbsp;– e.g.: ''empresa na hora'' [http://www.empresanahora.pt/], ''PRACE&nbsp;– Programa de Reestruturação da Administração Central do Estado'',<ref>[http://www.portugal.gov.pt/NR/rdonlyres/0A6DEBBD-BE35-4C4C-91CA-27BCF76E142A/0/Modelo_PRACE.pdf] {{webarchive|url=https://web.archive.org/web/20070612141057/http://www.portugal.gov.pt/NR/rdonlyres/0A6DEBBD-BE35-4C4C-91CA-27BCF76E142A/0/Modelo_PRACE.pdf|date=12 June 2007}}</ref> and SIMPLEX&nbsp;– Programa de Simplificação Administrativa e Legislativa,<ref>[http://www.ucma.gov.pt/simplex/] {{webarchive|url=https://web.archive.org/web/20070609093059/http://www.ucma.gov.pt/simplex/|date=9 June 2007}}</ref> among others), the "[[public expenditure]] problem" has been a major concern in Portugal, however it had little effect, and the country's public debt and deficit were both out of control by 2010. In addition, João Bilhim who directed in 2005 the committee responsible for the Programme for Restructuring the State's Central Administration (PRACE) said to be disappointed with the results of the reforms tried in the mid-2000s.<ref>{{in lang|pt}} Raquel Martins, [http://economia.publico.pt/Noticia/reforma-do-estado-nao-resolveu-problema-do-numero-de-funcionarios_1430782 Reforma do Estado não resolveu problema do número de funcionários], [[Público (newspaper)|Público]] (5 April 2010)</ref>

 

==Education, training and research in business and economic sciences==

 

==Poverty==

 

 

 

==See also==

*[[Portuguese national debt]]

*[[List of taxes in Portugal]]

 

==References==