The great majority of Portugal’s international trade is done within the European Union (EU), whose countries received 72.8% of the Portuguese exports and were the origin of 76.5% of the Portuguese imports in 2015. Other regional groups that are significant trade partners of Portugal are the NAFTA (6.3% of the exports and 2% of the imports), the PALOP (5.7% of the exports and 2.5% of the imports), the Maghreb (3.7% of the exports and 1.3% of the imports) and the Mercosul (1.4% of the exports and 2.5% of the imports).

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. The economy growth has been accompanied by a continuous fall in the unemployment rate (11.9% in the second quarter of 2015, compared with 13.9% registered in the end of 2014). The Government budget deficit has also been reduced from the 11.2% of GDP in 2010 to 4.8% in 2014. These rates mark an inversion from the negative trends caused by the impact of the Financial Crisis of 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 the early 2013). 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, culminating in the confirmation from Portugal to a €78 billion financial bailout from the EU in April 2011, following similar decisions from Greece and 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.

Portugal is home to a number of notable leading companies with worldwide reputations, such as Portucel Soporcel, a major world player in the international paper market; Sonae Indústria, the largest producer of wood-based panels in the world; Amorim, the world leader in cork production; Conservas Ramirez, the oldest canned food producer; 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 Portugal, highly regarded for its safety record, and one of the leading airlines linking Europe with Africa and Latin America (namely Brazil).