In terms of GDP, Portugal is not necessarily considered a “rich” country, ranking number 47 worldwide. A country's richness cannot also be measured solely through GDP. However, the Portuguese economy has been growing in recent years, despite the negative impact of the Covid-19 pandemic.
Portugal is therefore currently ranked 48 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Portugal ranks 41st in the list of the richest countries. Inflation in Portugal in 2021 was around 1.27%.
In 2021, Portugal was among the European Union countries with the worst incomes. This was confirmed by the estimate of the 'per capita' Gross Domestic Product (GDPpc) released by Eurostat.
While Portugal is a highly developed state according to the UN definition, it is still significantly behind the United States on a number of the HDI measures (see Table 1).
Spain is, according to the most recent FMI estimates, the 15th largest world economy (in PPP terms), with Portugal 55th. In terms of per capita GDP (PPP) the gap is smaller, with Spain ranking 32nd and its neighbour 43rd.
Low wages in Portugal
A major downside to living in Portugal is finding a well-paying job. Whether you are making minimum wage or the average salary, do not expect to make a lot of money. In 2022, the national minimum salary in Portugal is €705 a month before tax.
Living in Portugal offers many advantages: a warm climate, the Atlantic ocean, mountains nearby, a low crime rate and a relatively low cost of living. Medicine and education are well developed here, and residents are offered tax exemptions.
The average salary in Portugal: Statistics and trends. Portugal's average monthly salary is around 2750 EUR or 2676.42 USD. It's interesting to note that the average salary in Portugal is substantially lower than in the United States, where people earn approximately 7892 USD per month.
Among Portugal's chief exports are automobiles and transport components, machine tools, textiles, clothing, footwear, paper pulp, wine, cork, plastic molds, and tomato paste.
Portugal registers the greatest worsening of poverty in 2021 and becomes 8th worst in the EU. The drop in income in the first year of the pandemic pushed Portugal to the eighth position on the list of European countries with the highest risk of poverty and social exclusion in 2021, according to Eurostat data.
Overlooking Belém, in Lisbon, the Segundo Torrão, in Trafaria, came into existence 40 years ago. What started as a fishing community that grew over time, is now the largest slum in size in Lisbon, where there are people living in shocking conditions.
By the late 19th century, the country's resources were exhausted by its overstretched empire, which was now facing unprecedented competition. Portugal had one of the highest illiteracy rates in Western Europe, a lack of industrialization, and underdeveloped transportation systems.
Is Portugal safe to live in? The Global Peace Index 2022 names Portugal as the 6th safest country in the world, after Iceland, New Zealand, Ireland, Denmark, and Austria.
Portugal is in the top 10 of the ranking. Wealthy individuals are usually quite itinerant. Their movements anticipate future trends in the country. By the end of 2022, more than 80,000 high net worth individuals are expected to move to a new country.
Wine. What is Portugal famous for? Wine, for sure; this is where you'll find some of the oldest wine-growing regions in the world. In fact, two of Portugal's wine-growing regions, the Douro Valley and Pico Island in the Azores, are protected as UNESCO World Heritage Sites.
Residents in Portugal for tax purposes are taxed on their worldwide income at progressive rates varying from 14.5% to 48% for 2022.
Portugal's economic freedom score is 70.8, making its economy the 31st freest in the 2022 Index. Portugal is ranked 21st among 45 countries in the Europe region, and its overall score is above the regional and world averages. The Portuguese economy contracted in 2020, but growth resumed in 2021.
What types of jobs are in Portugal? The most popular jobs in Portugal include tourism and hospitality-related work. Many work opportunities are available in retail, dining, customer service, resorts, and hotels. Tech-related jobs in IT are also on the rise in Portugal, and call center work is almost always available.
How much money do you need to live comfortably in Portugal? Compared to other European countries, Portugal is one of the most affordable. A couple with a mid-range income will be able to live comfortably in Portugal's interior cities for around €1,700 per month. A couple in Lisbon can live on around €2,000 per month.
The Portugal Residence Visa Permanent Residency is available to residents of Australia. Portugal Golden Visa residency from Australia through buying Real Estate, OR thru a Capital transfer and OR through job creation. This is your chance for Immigration to Portugal.
The short answer is YES! One of the most encouraging qualities of Portugal is that there are no restrictions for foreigners who want to buy a home in the country. Furthermore, the Portuguese government incentivizes foreigners to invest in real estate property in Portugal through the Golden Visa program.
Yes, Portugal does have state-provided healthcare, which is free for all citizens and legal residents in Portugal. Even though medical care is mainly free, you may have to pay some fees when visiting emergency rooms, your family doctor, or requesting ambulance services.
In Portugal, “there are so many empty houses because it does not cost the owners much” to keep them, he sums up. António Frias Marques, president of the National Property Owners Association, has another take on the problem, which focuses on the historic neighbourhoods of Lisbon and Porto.