Portugal's Purchasing Power Jumps to 80.5% of EU Average: What It Means for You

Overview of Portugal's Purchasing Power

In 2023, Portugal's purchasing power reached 80.5% of the European average, marking a 3.1 percentage point increase from the previous year. This improvement places Portugal 15th among the 20 eurozone countries and 18th in the European Union.

Key Economic Indicators

According to data from the National Statistics Institute (INE), Portugal's per capita Gross Domestic Product (GDP), measured in Purchasing Power Parities (PPP), rose from 77.4% to 80.5% of the EU average between 2022 and 2023. This shift not only improved Portugal's ranking in the eurozone but also in the broader EU context, moving from 16th to 15th in eurozone rankings and 20th to 18th in the EU overall.

Additionally, the per capita Individual Consumption Expenditure, seen as a better measure of family well-being, stands at 85.0% of the EU average in 2023, although this is 0.3 percentage points lower than the previous year. Here, Portugal also holds 15th position in the eurozone and 18th in the EU, a slight drop from the previous year's 14th and 17th positions, respectively.

This data highlights the ongoing economic developments in Portugal and how they are influencing the standard of living for its residents.