United Kingdom and Portugal
The United Kingdom and Portugal signed a new double taxation convention in London in September 2025. The published text remains shown as not in force and provides for tax cooperation, information exchange and dispute resolution mechanisms between administrations.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08What merchandise trade shows
In 2025, goods trade between United Kingdom and Portugal totalled 5,355.1 million current USD.
Documented trade sectors
Within the selected chapters, vehicles and components stands out in shipments from United Kingdom to Portugal, at 354 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 5,355.11 M USD | 2025 · Comtrade |
| Goods: United Kingdom to Portugal | 1,317.42 M USD | 2025 · Comtrade |
| Goods: Portugal to United Kingdom | 4,037.7 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: United Kingdom to Portugal | ||
| Export share: Portugal to United Kingdom | 4.51 % | 2025 · Comtrade |
| Investment stock: United Kingdom in Portugal | ||
| Investment stock: Portugal in United Kingdom |
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
- 2025 · UN Comtrade · Goods; full calendar year; reporter PRT. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: United Kingdom to Portugal
- 2025 · UN Comtrade · Goods; full calendar year; reporter PRT. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Portugal to United Kingdom
- 2025 · UN Comtrade · Goods; full calendar year; reporter PRT. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Export share: Portugal to United Kingdom
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | United Kingdom | Portugal |
|---|---|---|
| Nominal GDP | 4 trillion USD2025 · World Bank | 346.64 billion USD2025 · WB |
| GDP per capita | 57,601.96 USD2025 · World Bank | 32,081.81 USD2025 · WB |
| GDP growth | 1.39 %2025 · World Bank | 1.86 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | |
| Inflation · annual average | 3.88 %Annual average · 2025 · World Bank | 2.34 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.1 %Year-on-year · 2026-08 · ONS | 3.6 %provisionalprovisionalYear-on-year · Sept. 2026 · INE PT |
| Unemployment | 4.75 %ILO est.2025 · World Bank | 6.16 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -5.4 %IMF est.2025 · IMF | 0.3 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 102.3 %IMF est.2025 · IMF | 89.9 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -2.43 %2025 · World Bank | 1.2 %IMF est.2025 · IMF |
| Population | 69,487,0002025 · World Bank | 10,804,871World Bank est.2025 · WB |
| Area | 243,610 km²2023 · World Bank | 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 USDUnited Kingdom: 2025 · World Bank · Official World Bank series; observation period, not download date.Portugal: 2025 · World Bank
- GDP per capita
- Current USD per personUnited Kingdom: 2025 · World Bank · Official World Bank series; observation period, not download date.Portugal: 2025 · World Bank
- GDP growth
- Annual real change (%)United Kingdom: 2025 · World Bank · Official World Bank series; observation period, not download date.Portugal: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Portugal: 2026-09-16 · ECB: deposit facility; shared euro-area rate · European Central Bank
- Inflation · annual average
- Average annual change in headline CPI (%)United Kingdom: 2025 · Average annual CPI change (%) · World Bank · Official World Bank series; observation period, not download date.Portugal: 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 statedUnited Kingdom: 2026-08 · Headline CPI; change relative to the same month of the previous year · ONS · Headline CPI, not CPIH or core inflation.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 institutionUnited Kingdom: 2025 · ILO modelled estimate, percentage of the labour force · World Bank · ILO est. · Official World Bank series; observation period, not download date.Portugal: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)United Kingdom: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)United Kingdom: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPUnited Kingdom: 2025 · World Bank · Official World Bank series; observation period, not download date.Portugal: 2025 · IMF — World Economic Outlook · IMF est. · Current-account balance as a percentage of GDP; IMF WEO estimate for PRT.
- Population
- PeopleUnited Kingdom: 2025 · World Bank · Official World Bank series; observation period, not download date.Portugal: 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 sourceUnited Kingdom: 2023 · World Bank · Official World Bank series; observation period, not download date.Portugal: 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
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.
United Kingdom to Portugal
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 354 M USD2025 · Source |
| Machinery and mechanical appliances | 138.5 M USD2025 · Source |
| Electrical and electronic equipment | 64.7 M USD2025 · Source |
| Mineral fuels and oils | 38.9 M USD2025 · Source |
| Pharmaceutical products | 19.7 M USD2025 · Source |
| Meat and edible offal | 8.9 M USD2025 · Source |
| Dairy products, eggs and honey | 3.5 M USD2025 · Source |
| Metal ores | 0.0315 M USD2025 · Source |
Portugal to United Kingdom
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 1,003.7 M USD2025 · Source |
| Electrical and electronic equipment | 297.6 M USD2025 · Source |
| Machinery and mechanical appliances | 210.8 M USD2025 · Source |
| Mineral fuels and oils | 67.7 M USD2025 · Source |
| Pharmaceutical products | 41.6 M USD2025 · Source |
| Meat and edible offal | 6.9 M USD2025 · Source |
| Dairy products, eggs and honey | 5.4 M USD2025 · Source |
| Metal ores | 0.0174 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | United Kingdom to Portugal | Portugal to United Kingdom |
|---|---|---|---|
| 2021 | 5,084.2 | 1,173.7 | 3,910.5 |
| 2022 | 5,297.8 | 1,231 | 4,066.8 |
| 2023 | 5,169.3 | 1,230.8 | 3,938.5 |
| 2024 | 5,061.5 | 1,276.7 | 3,784.8 |
| 2025 | 5,355.1 | 1,317.4 | 4,037.7 |
Connections between people
It also provides for non-discrimination, mutual agreement procedures, information exchange and collection assistance, with explicit exclusions for certain matters such as VAT. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from United Kingdom living in Portugal | ||
| Residents from Portugal living in United Kingdom | ||
| Study and training: United Kingdom in Portugal | ||
| Study and training: Portugal in United Kingdom | ||
| Academic stays: United Kingdom in Portugal | ||
| Academic stays: Portugal in United Kingdom | ||
| Travel: United Kingdom to Portugal | ||
| Travel: Portugal to United Kingdom |
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.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for United Kingdom is 4,002.6 billion USD (2025), compared with 346.6 for Portugal (2025). The reference populations are 69.49 and 10.8 million, respectively. In the same year, the economy of United Kingdom was 11.55 times that of Portugal in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
Yvette Cooper and Paulo Rangel signed the convention on 15 September 2025. The instrument regulates allocation of taxing powers over income and capital gains and mechanisms to prevent double taxation of the same income. [1]
Cooperation and bilateral issues
It also provides for non-discrimination, mutual agreement procedures, information exchange and collection assistance, with explicit exclusions for certain matters such as VAT. A protocol incorporates arbitration for certain disputes. Entry into force depends on receiving the final diplomatic notification confirming completion of domestic procedures; signing does not itself activate it. Its tax effects would also begin on different dates depending on the tax. The text envisages progressively replacing the 1968 agreements and the 1961 maritime and air transport agreements. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (United Kingdom and Portugal) totalled 5,355.1 million current USD. Shipments from the first to the second were 1,317.4 million; those in the opposite direction, 4,037.7 million. The difference between the two flows was 2,720.3 million, in favour of Portugal. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Portugal to the partner represented 4.51% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 5,084.2 million USD in 2021 and 5,355.1 million in 2025. The change between the two endpoints was +5.3 % in current dollars. The highest annual value in the period was recorded in 2025, at 5,355.1 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, vehicles and components stands out in shipments from United Kingdom to Portugal, at 354 million USD in 2025. Within the selected chapters, vehicles and components stands out in shipments from Portugal to United Kingdom, at 1,003.7 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — GBR-PRT
Government of the United Kingdom · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record; reused verified primary payload, not re-downloaded
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.