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Spain vs Portugal Economy: GDP, Tax and Key Indicators 2026

Spain and Portugal: A Side-by-Side EU Economic Analysis

2
Spain leads
7
Indicators
5
Portugal leads
Portugal leads overall

Analysis by Eunomist Research Team  •  Updated 2026

Executive Summary

How Does Spain Compare to Portugal? The Key Economic Story

Spain and Portugal represent two distinct economic models within the European Union. With Spain leading on 2 of 7 measured indicators and Portugal ahead on 5, this comparison reveals important structural differences across growth, labour markets, and fiscal policy.

The GDP per capita gap — €30,980 for Spain versus €25,560 for Portugal — tells one part of the story, but the full picture emerges from examining unemployment rates, debt levels, and productivity trends side by side.

For businesses and investors, understanding which country performs better on which dimensions is essential. The data presented here draws on Eurostat indicators across economy, labour, fiscal, and social domains.

Key Numbers

The Most Important Metrics at a Glance

GDP per Capita
€30,980
🇪🇸 Spain
€25,560
🇵🇹 Portugal
Primary measure of living standards and productive output per person.
GDP Growth Rate
2.5%
🇪🇸 Spain
3.1%
🇵🇹 Portugal
Annual real economic expansion — the pulse of short-term economic health.
Unemployment Rate
12.2%
🇪🇸 Spain
6.5%
🇵🇹 Portugal
Percentage actively seeking but unable to find work. The EU average benchmark is around 6%.
Government Debt
105.2% GDP
🇪🇸 Spain
96.9% GDP
🇵🇹 Portugal
Total accumulated government debt. The EU's Stability Pact reference target is below 60% of GDP.
Inflation (HICP)
119.9%
🇪🇸 Spain
119.0%
🇵🇹 Portugal
The EU's harmonised measure of consumer price changes. The ECB targets 2% across the eurozone.
Employment Rate
70.5%
🇪🇸 Spain
78.0%
🇵🇹 Portugal
Share of working-age population with a job — higher means more productive capacity being used.
All Indicators

Spain vs Portugal: Full Indicator Comparison

All 7 available EU indicators compared side by side. Green highlights indicate the stronger performer on each metric. Each row includes a one-line interpretation of what the indicator measures.

Economy
Indicator 🇪🇸 Spain 🇵🇹 Portugal Gap
GDP per Capita
Primary measure of living standards and productive output per person.
€30,980 €25,560 €5,420
GDP Growth Rate
Annual real economic expansion — the pulse of short-term economic health.
2.5% 3.1% 0.6%
Current Account Balance
A surplus means the economy earns more from abroad than it spends — a sign of competitiveness.
+2.7% +0.5% +2.2%
Labour
Indicator 🇪🇸 Spain 🇵🇹 Portugal Gap
Unemployment Rate
Percentage actively seeking but unable to find work. The EU average benchmark is around 6%.
12.2% 6.5% 5.7%
Employment Rate
Share of working-age population with a job — higher means more productive capacity being used.
70.5% 78.0% 7.5%
Prices
Indicator 🇪🇸 Spain 🇵🇹 Portugal Gap
Inflation (HICP)
The EU's harmonised measure of consumer price changes. The ECB targets 2% across the eurozone.
119.9% 119.0% 0.9%
Fiscal
Indicator 🇪🇸 Spain 🇵🇹 Portugal Gap
Government Debt
Total accumulated government debt. The EU's Stability Pact reference target is below 60% of GDP.
105.2% GDP 96.9% GDP 8.3% GDP
Verdict

Choose Spain or Portugal? The Bottom Line

🇪🇸
Choose Spain if...
  • you prioritise the indicators where it leads — including GDP per Capita and Current Account Balance.
  • its economic structure aligns better with your sector.
  • market size and regional positioning in the EU matter for your strategy.
🇵🇹
Choose Portugal if...
  • you prioritise the indicators where it leads — including GDP Growth Rate and Unemployment Rate.
  • its fiscal and labour market profile suits your business model.
  • growth trajectory is your primary investment criterion.
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