The financial services output in Portugal has demonstrated fluctuating trends from 2013 to 2023. The industry experienced a decline from 2013 to 2017, with year-on-year decreases reaching as low as -5.37%. However, starting in 2018, the trend reversed, showing consistent growth with annual increases, hitting a growth rate of 1.3% in 2023. The average year-on-year growth over the last five years up to 2023 was 1.7%. The output in 2023 stood at 16.41 billion Euros.

The forecast for the period from 2024 to 2028 indicates a continued upward trajectory, with an average annual growth rate (CAGR) of 0.96% and an overall growth rate of 4.91%. This suggests a moderately positive outlook for the financial services sector in Portugal.

Future trends to watch for:

Impact of digital transformation and financial technology (FinTech) advancements on operational efficiencies and customer reach.
Regulatory changes within the European Union that may affect financial institutions' compliance and operational costs.
Macroeconomic conditions, including potential interest rate changes and their implications on financial services demand.
Increasing competition from non-traditional financial service providers such as digital banks and blockchain-based financial solutions.