In-depth country-focused analysis on Portugal's economic, political and operational risk environment, complemented by detailed sector insight


Our comprehensive assessment of Portugal's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Portugal, as well as the latest industry developments that could impact Portugal's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Portugal before your competitors.

Country Risk

Portugal Country Risk

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Core Views

  • Portugal's economic recovery has taken a turn for the worse, and fixed investment will remain weak on the back of increasing policy uncertainty and weak global demand.

  • The large corporate and government debt loads and precarious credit market conditions will remain a major impediment to an acceleration of growth.

  • Portugal's Socialist Party-led minority government will become increasingly unstable as it walks an ever tighter rope between fulfilling demands for fiscal prudence by its bailout creditors and demands for better workers' rights by domestic labour unions.

Forecast Changes

  • We have revised down our average annual real GDP growth forecasts for 2016-17 to 1.0% from 1.5% previously.

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Portugal Industry Coverage (4)

Medical Devices

Portugal Medical Devices

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BMI View: The Portuguese medical device market will remain the second smallest in Western Europe, while per capita expenditure will be the lowest in the region. Market growth will remain subdued, with low prices and lower volume purchases. Small and medium-sized companies have to deal with large debts owed by public hospitals, despite increased investment intended to reduce this problem.

Projected Medical Device Market, 2014-2019
Total (USDmn) ...

Pharmaceuticals & Healthcare

Portugal Pharmaceuticals & Healthcare

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BMI View: Fiscal loosening by the newly-initiated Socialist-led government in Portugal and rising private consumption will benefit pharmaceutical sales in 2016. According to the latest data on market activity we have revised upwards our pharmaceutical market forecast, although operating challenges will remain due to high levels of debt in the public hospital sector. Meanwhile, with competitiveness to diminish due to the partial reversal of austerity measures, we do not see major room for Portuguese industrial sectors to become more attractive to investors in the near term, including the pharmaceutical sector. That said, long-term demand for healthcare due to an ageing population will keep translating into the need for access to medical...


Portugal Renewables

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Portugal - Headline Renewables Forecast
2015 2016f 2017f 2018f 2019f 2020f 2021f 2022f ...


Portugal Telecommunications

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BMI View : The Portuguese market is mature and exhibits volatile growth. Market saturation, low discretionary spending and high prepaid subscribers all contribute towards a telecom industry outlook that is far from optimistic. However, changed ownership for all key players bar Vodafone suggests that more rational investment strategies will lead to the development of more advanced services. This will be a boon to the weak consumer market, but the surviving operators will need to be leaner and fitter to survive the changing market dynamics.

Multi-play And Multi-User Packages Drive 3G/4G Upgrades
Portrugal Mobile Market Forecasts

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