Portugal
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 exit of its three-year international bailout programme in May 2014 will fail to herald an era of stability for the financially beleaguered country. In addition, the government's recent decision to bailout a private lender will further stoke public discontent with the centre-right government. With general elections to be held in October 2015, we expect public support to continue shifting towards leftist and fringe parties, dimming the outlook for structural reform from 2015 onwards.

  • Portugal is poised to register limited current account surpluses over the next few years. However, as import growth recovers with domestic demand, the momentum behind the current account surplus expansion will wane, and we expect the surplus to flip back into deficit by 2018.

Forecast Changes

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Portugal Industry Coverage (4)

Medical Devices

Portugal Medical Devices

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Espicom Industry View: The Portuguese medical device market is the second smallest in Western Europe (WE) and per capita expenditure is low by regional standards. Most of the market is accountable to the public sector, which implemented a 15.0% medical device price cut in 2013, as part o f its efforts to contain public health expenditure. The outlook for the industry is grim. On the one hand, companies are struggling in a sluggish market of low prices and lower volume purchases. On the other hand, their sustainability is in danger as the public sector owed them around US$ 929mn by the end of...

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Pharmaceuticals & Healthcare

Portugal Pharmaceuticals & Healthcare

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BMI View:   Despite Portugal ' s stronger-than-expected economic expansion in previous quarters, government austerity measures will continue to weigh on drug spending over the medium term. This is reflected i n recent agreements between the Portuguese government and the pharmaceutical industry to   reduc e public spending o n medicines and on expected incentives for pharmacies to increase the use of generics. Meanwhile, rapid growth in the Portuguese private healthcare sector suggests eventual opportunities in this market, as illustrated by recent ...

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Renewables

Portugal Renewables

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BMI View:   Growth in the Portuguese renewable energy market continues to be sluggish, with the country's embattled economy weighing on growth prospects in the power and renewables industries. The wind sect or dominates the renewables mix . We do not expect growth to pick up markedly as investor sentiment remains low and the renewables project pipeline is limited.

Portugal has been pursuing a green energy agenda since 2001, adopting the E4 Programme (Energy Efficiency and Endogenous Energies) in the same year. This set goals for renewable power generation, in line with the wider EU Directive on renewable energy. The target was set at achieving a 39% share of renewable energy sources for gross electricity consumption by 2010, and a 31% share of renewable energy sources for total energy consumption by 2020. However, Portugal...

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Telecommunications

Portugal Telecommunications

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BMI View : Operators continue to struggle with the dual pressures of economic weakness limiting subscriber spending and market maturity in the mobile sector. The former is also a pressure on   fixed services, with operators facing difficulties in encouraging subscribers to upgrade to more expensive services. Data show declines across all segments of the market , as Portuguese consumers look to keep their costs down , while operators are expected to continue investing in faster technologies to cater to the demand for more data.

Key Data

  • Wireline voice access...

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