Get the latest insights on the Portugal Job Market in 2024. Explore Portugal job statistics, GDP growth, unemployment rates, average and minimum wages, regional analyses, and top-paying sectors.
Curious about Portugal's job market in 2024? You're in the right place! Our review covers GDP growth, unemployment rates, average salaries, and the hottest job sectors. Whether you're seeking new opportunities or the highest-paying positions, we've got you covered. Let's dive in!
Contents:
Portugal's Gross Domestic Product (GDP) per capita is a key economic indicator that measures the average economic output per person in a country. Since it has shown a positive trend over the past years, it means that the economy is growing and that the average wealth of individuals is rising.
A higher GDP per capita often correlates with a healthier job market, better employment opportunities, and potentially higher wages.
As of May 2024, the unemployment rate stands at 6.5%. Notably, the rate peaked sharply in 2021, likely due to the economic impact of the COVID-19 pandemic, before gradually declining.
A decreasing unemployment rate often signals better job prospects and economic growth, whereas an increasing rate may indicate economic downturns and a tougher job market.
New job vacancies represent the number of newly available positions that employers are seeking to fill. The chart below shows the number of new job vacancies in Portugal over the past few years, with data fluctuating between approximately 7.4k and 16.1k vacancies.
40.2k jobs have been created since the year started. In 2023, 118.3k jobs were created.
Portugal average salary overtime (left) and minimum salary overtime (right) (Source: TradingEconomics)
According to the Eurostat Annual Net Earnings, the annual net average salary in Portugal for a single person is 16,943EUR, which is lower compared to other countries in Europe such as neighbour country Spain as shown in the chart below.
The minimum monthly wage wage in Portugal stands at 956.67EUR per month. Both the minim and average wage in Portugal has risen overtime.
In addition, from 2022 to 2023, the annual inflation rate in Portugal decreased significantly from 8.08% to 5.33%. This downward trend continued into 2024, with the inflation rate further dropping to 2.70% by May. This steady decline in the inflation rate indicates that the cost of living increases have been slowing down. Overall, the coordinated decrease in inflation and increase in wages signifies a strengthening of the economic well-being for the workforce in Portugal.
In Portugal, the highest number of employed people are located in North Portugal (1.76M workers) followed by Lisboa (1.38M workers) and Portugal Centro region (1.09M workers). These correlates as the largest cities in Portugal are Lisbon, Porto, Amadora, Braga and Coimbra.
Nevertheless, the highest increase in employed population since 2021 comes from Portugal Centro region (+9% increase), followed by Lisboa (+8.3% increase) and North Portugal (+6.5% increase).
So if you plan to move to Portugal for work consider any of these growing regions.
The table highlights the average monthly salaries across various job sectors in Portugal. Further below you will find a section for the 'Highest Paid Jobs in Portugal'. In summary, the lowest earners are in agriculture, fisheries, and personal service roles while the highest earners include executive bodies, directors, doctors, engineers, and IT specialists.
| Occupation | Average Salary (€/month) | Example Job Roles |
|---|---|---|
| Representatives of the legislative and executive bodies, directors, officers and executive managers | 2,766.64 |
- Government officials - CEOs - CFOs - Directors of departments |
| Specialists in intellectual and scientific activities | 1,992.42 |
- Doctors - Engineers - Researchers - University Professors |
| Intermediate level technicians and professions | 1,607.89 |
- Lab Technicians - IT Support Specialists - Paralegals |
| Plant and machine operators and assembly workers | 1,078.17 |
- Machine Operators - Assembly Line Workers - Forklift Drivers |
| Skilled workers in industry, construction and craftsmen | 1,005.12 |
- Electricians - Carpenters - Plumbers |
| Administrative staff | 1,171.53 |
- Office Clerks - Receptionists - Administrative Assistants |
| Farmers and skilled workers in agriculture, fisheries and forest | 942.72 |
- Farmers - Fishermen - Forestry Workers |
| Personal service, security and safety workers and salespeople | 935.13 |
- Retail Sales Associates - Security Guards - Hairdressers |
| Unskilled workers | 896.27 |
- Janitors - Warehouse Workers - Laborers |
Source: Instituto Nacional de Estadistica
According to the Best Paid Jobs in Portugal article by portugal.com, the highest paid jobs in Portugal are:
According to an article by y-axis about Portugal Job Market Key Trends, the most demanding industries and jobs in Portugal are:
The personal income tax rates for 2024 are:
| INCOME | TAX RATE |
|---|---|
| Up to €7,703 | 13.25% |
| €7,703 – €11,623 | 18% |
| €11,623 – €16,472 | 23% |
| €16,472 – €21,321 | 26% |
| €21,321 – €27,146 | 32.75% |
| €27,146 – €39,791 | 37% |
| €39,791 – €51,997 | 43.5% |
| €51,997 – €81,199 | 45% |
| Over €81,199 | 48% |
If you are under the NHR scheme (recently closed after December 2023), then you will have a fixed personal tax rate of 20% for up to 10 years.
Here are some recommended platforms to look for jobs in Portugal:
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