Portugal

Portugal: Strong Governance Scores Amid Elevated Public Debt

Portugal's economy was valued at $313.3 billion in 2024, per the World Bank's WDI data, with GDP per capita of $29,292 across a population of 10.7 million the same year. The IMF's World Economic Outlook projects government debt at 85.6 percent of GDP for 2026. Reserves stood at $15.12 billion in 2025, per IMF IFS.

Military Spending and Capacity

SIPRI's 2025 figures put military spending at $5.9 billion, equal to 1.711 percent of GDP under SIPRI's own GDP series. That ratio should not be recalculated against the World Bank's GDP figure, since the two series are not interchangeable. The Correlates of War National Material Capabilities dataset recorded 27,000 active personnel in 2022 — the smallest force by headcount in this comparison set — with a CINC score of 0.0012, also the lowest recorded here. Both figures are three years older than the 2025 spending data.

Governance

Portugal posts strong governance scores across the board in V-Dem's 2025 data: electoral democracy at 0.822, liberal democracy at 0.717, and state capacity at 0.887. All three figures are among the highest in this batch, with a relatively narrow spread between the electoral and liberal democracy measures compared with other countries covered here.

Energy

Primary energy consumption was 0.9729 exajoules in 2024, per Our World in Data, the smallest among the countries covered here, with electricity generation of 51.13 TWh in 2025. Oil and gas production are both recorded at 0.0 TWh, dated 2016 — consistent with Portugal having no significant domestic hydrocarbon production, though that figure is nearly a decade old.

Data Gaps

No personnel or CINC data newer than 2022 are present, and oil and gas production figures are fixed at 2016. No nuclear or alliance data appear here.

Sources: World Bank WDI, IMF WEO, IMF IFS, SIPRI Milex, COW NMC, V-Dem v15, Our World in Data (Energy)