Spain and Portugal
The Iberian relationship combines a shared border, closely connected markets and everyday cooperation between public authorities. Energy, water, transport and adaptation to climate change are specific bilateral issues, not merely a shared European agenda.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07Iberian economy
Spain is a central market for Portuguese businesses; goods and services must be measured separately.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 49,196 M EUR | 2024 · Spain Foreign Affairs |
| Goods: Spain to Portugal | 32,523 M EUR | 2024 · Spain Foreign Affairs |
| Goods: Portugal to Spain | 16,673 M EUR | 2024 · Spain Foreign Affairs |
| Services trade | 11,957 M EURprovisional | 2025 · Eurostat |
| Export share: Spain to Portugal | 8.8 % | 2025 · Spanish trade |
| Export share: Portugal to Spain | 26 % | 2024 · Spain Foreign Affairs |
| Investment stock: Spain in Portugal | 25,527 M EUR | 2023 · Spain Foreign Affairs |
| Investment stock: Portugal in Spain | 16,800 M EUR | 2023 · Spain Foreign Affairs |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2024 · Spain's Ministry of Foreign Affairs / Economic and Commercial Office · Goods, Spanish reporting; millions of EUR. The total is calculated by adding both directions from the same table and year. Excludes services.
- Goods: Spain to Portugal
- 2024 · Spain's Ministry of Foreign Affairs / Economic and Commercial Office · Goods, Spanish reporting; millions of EUR. The total is calculated by adding both directions from the same table and year. Excludes services.
- Goods: Portugal to Spain
- 2024 · Spain's Ministry of Foreign Affairs / Economic and Commercial Office · Goods, Spanish reporting; millions of EUR. The total is calculated by adding both directions from the same table and year. Excludes services.
- Services trade
- 2025 · Eurostat / national statistical agency · Services exports and imports under BPM6, Spanish reporting. Credits 6500 + debits 5457 M EUR. This is neither the balance nor the sales of local affiliates. Source flags: p, p.
- Export share: Spain to Portugal
- 2025 · Spain's State Secretariat for Trade / Customs · Published share, rounded to one decimal place, of Spanish goods exports for January–December 2025. Spanish reporting. This is not the partner's share of imports. Its year may differ from other trade rows.
- Export share: Portugal to Spain
- 2024 · Spain's Ministry of Foreign Affairs / Portugal's Ministry of Economy · Spain as the destination for 26.0% of Portuguese goods exports in 2024. Not to be confused with the 33.1% corresponding to Portuguese imports from Spain.
- Investment stock: Spain in Portugal
- 2023 · Spain's Ministry of Foreign Affairs / Economic and Commercial Office · Accumulated Spanish investment position in the partner; not an annual flow.
- Investment stock: Portugal in Spain
- 2023 · Spain's Ministry of Foreign Affairs / Economic and Commercial Office · Accumulated investment position of the partner in Spain; not an annual flow.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Spain | Portugal |
|---|---|---|
| Nominal GDP | 1.91 trillion USD2025 · WB | 346.64 billion USD2025 · WB |
| GDP per capita | 38,627.25 USD2025 · WB | 32,081.81 USD2025 · WB |
| GDP growth | 2.82 %2025 · WB | 1.86 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | 2.5 %2026-09-16 · BCE |
| Inflation · annual average | 2.7 %Annual average · 2025 · WB | 2.34 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.9 %provisionalprovisionalYear-on-year · Sept. 2026 · INE | 3.6 %provisionalprovisionalYear-on-year · Sept. 2026 · INE PT |
| Unemployment | 10.38 %ILO est.2025 · WB | 6.16 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.5 %IMF est.2025 · IMF | 0.3 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 100.4 %IMF est.2025 · IMF | 89.9 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 2.94 %2025 · WB | 1.2 %IMF est.2025 · IMF |
| Population | 49,355,1432025 · WB | 10,804,871World Bank est.2025 · WB |
| Area | 505,976 km²2023 · BM / FAO | 92,230 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSpain: 2025 · World BankPortugal: 2025 · World Bank
- GDP per capita
- Current USD per personSpain: 2025 · World BankPortugal: 2025 · World Bank
- GDP growth
- Annual real change (%)Spain: 2025 · World BankPortugal: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Spain: 2026-09-16 · ECB deposit facility; shared euro-area rate · European Central BankPortugal: 2026-09-16 · ECB: deposit facility; shared euro-area rate · European Central Bank
- Inflation · annual average
- Average annual change in headline CPI (%)Spain: 2025 · Annual average change in CPI (%) · World BankPortugal: 2025 · Annual average change in the CPI (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSpain: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Spain's National Statistics Institute (INE) · Published: 2026-09-29 · provisional · Provisional · Advance indicator of headline CPI; final results pending. Not HICP (5.0%) or core inflation (3.1%). Provisional data or an official advance release; subject to revision.Portugal: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Portugal INE · Published: 2026-09-30 · provisional · Provisional · National headline CPI, year-on-year, not monthly inflation or an annual average. Provisional data or an official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionSpain: 2025 · World Bank · ILO est.Portugal: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPSpain: 2025 · World BankPortugal: 2025 · IMF — World Economic Outlook · IMF est. · Current-account balance as a percentage of GDP; IMF WEO estimate for PRT.
- Population
- PeopleSpain: 2025 · World BankPortugal: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census count for 2025.
- Area
- Total area in km²; territorial coverage of the sourceSpain: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAOPortugal: 2023 · Area according to the series' coverage; does not determine sovereignty or effective control · World Bank
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
New bilateral treaty
28 October 2021Signing; published in 2023
Treaty of friendship and cooperation; not an economic figure. [1]
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Spain to Portugal
| Product or sector | Value / share |
|---|---|
Portugal to Spain
| Product or sector | Value / share |
|---|---|
Connections between people
Cross-border relations also include education, culture, services and cooperation between local authorities. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
Comparable travel figures: the same series, definition and year in both directions. Residents aged 15 or over; main destination; at least one overnight stay.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Spain living in PortugalSpanish nationality; PERE consular register | 18,341 | 1 January 2026 · INE / PERE |
| Residents from Portugal living in SpainNationality; census of residents in Spain | 109,930 | 1 January 2025 · INE / Census |
| Study and training: Spain in PortugalInternational students; tertiary education (levels 5–8) | 915 | Academic year ending in 2024 · Eurostat |
| Study and training: Portugal in SpainInternational students; tertiary education (levels 5–8) | 2,502 | Academic year ending in 2024 · Eurostat |
| Academic stays: Spain in Portugal | ||
| Academic stays: Portugal in Spain | ||
| Travel: Spain to PortugalResidents aged 15+; main destination; overnight stays | 2,222,153tripsestimate | 2025 · Eurostat |
| Travel: Portugal to SpainResidents aged 15+; main destination; overnight stays | 1,257,943tripsestimate | 2025 · Eurostat |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Residents from Spain living in Portugal
- Includes dual nationals and people born outside Spain. Does not measure emigration during the year or people born in Spain. 1 January 2026 · INE / PERE
- Residents from Portugal living in Spain
- Counts the nationality recorded in the census, not birthplace. Does not represent the entire diaspora or new arrivals during the year. 1 January 2025 · INE / Census
- Study and training: Spain in Portugal
- Enrolment of internationally mobile students, classified by country of origin under the reporting country's UOE definition. Not a general passport-based count; excludes short-term credit mobility. Does not include OPT. Source flag: no flag. Academic year ending in 2024 · Eurostat
- Study and training: Portugal in Spain
- Enrolment of internationally mobile students, classified by country of origin under the reporting country's UOE definition. Not a general passport-based count; excludes short-term credit mobility. Does not include OPT. Source flag: no flag. Academic year ending in 2024 · Eurostat
- Travel: Spain to Portugal
- Tourism demand survey: trips, not unique individuals. Includes personal and business purposes; a multi-destination trip is assigned to its main destination. Excludes children under 15 and same-day trips. 2025 · Eurostat
- Travel: Portugal to Spain
- Tourism demand survey: trips, not unique individuals. Includes personal and business purposes; a multi-destination trip is assigned to its main destination. Excludes children under 15 and same-day trips. 2025 · Eurostat
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
A specific framework for the Iberian relationship
The treaty signed in Trujillo in 2021 renewed the framework of friendship and cooperation that had existed since 1977. Its content covers political dialogue, trade, culture, security and the environment. The relationship therefore has its own bilateral commitments in addition to European mechanisms. The treaty expresses objectives and forms of coordination; it does not establish that infrastructure is complete or an announced programme has been implemented. [1]
Water, energy and life on the border
At a shared border, decisions on transport, services and civil protection affect communities on both sides. The treaty provides for cross-border cooperation, energy interconnections and environmental management. These areas require coordination between national and territorial authorities. A physical connection, an agreement on its financing and its commissioning are different stages: they must be examined separately when assessing changes in Iberian connections. [1]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
A particularly important market for Portugal
AICEP identifies Spain as the leading trade partner and a prominent destination for the internationalisation of Portuguese businesses. Its January 2026 publication puts Portuguese goods and services sales to Spain above 25,700 million euros in 2024. This is not total bilateral trade: the opposite direction is missing and the figure combines goods and services. It does not refer to 2025 either. [3]
The climate agenda of March 2026
The XXXVI Spain–Portugal summit, held on 6 March 2026, placed climate change at the centre of the agenda. Both governments announced a Climate Security Alliance addressing risks including fires and floods. This is a cooperation commitment; its impact must be followed through subsequent actions and results, not solely through the political declaration of the two heads of government. [2]
Practical cooperation and external engagement
The summit also addressed the international context and the transatlantic relationship. For the Iberian relationship, that external coordination coexists with local needs for adaptation, prevention and emergency response. Understanding the meeting requires distinguishing the political positions expressed by the governments from the treaty's obligations. Continuing summits facilitate dialogue, but do not replace verification of each project or guarantee identical results in every area. [2]
Milestones and consequences
Sources and data
Periods and scope of the figures
The AICEP figure refers to Portuguese goods and services sales in 2024, not total bilateral goods trade. It is kept outside the common goods table to avoid mixing concepts. National indicators retain their year and source; the ECB rate refers to the shared euro-area instrument.
- Treaty of Friendship and Cooperation
BOE / governments of Spain and Portugal · Institutional source · Document: 2023-04-18 · Accessed: 2026-10-07
- XXXVI Spain–Portugal Summit
La Moncloa · Institutional source · Document: 2026-03-06 · Accessed: 2026-10-07
- Spain: Consistent growth & opportunities in the Iberian partner
AICEP / Portugal Global · Institutional source · Document: 2026-01-22 · Accessed: 2026-10-07