Expenditure on Education as a % of GDP in Portugal
The expenditure on education as a % of GDP in Portugal was 3.8% in 2020, an increase of 2.8% from the previous year. Between 2010-2020, the expenditure on education as a % of GDP in Portugal decreased by 34.8%. In 2020, Portugal spent more than $8 billion on education, with private education expenditure of $1 billion and public education expenditure of $7 billion.
Education Expenditure Overview
Expenditure on education as a % of Gross Domestic Product (GDP) refers to the total spending on education, expressed as a percentage of GDP in a given year in a country. Expenditure on education refers to the total spending on education. It is the sum of public and private education expenditures in a country for a particular year.
Private education expenditure refers to the education expenditure by non-governmental (private) sources, with the exception of international agencies and other foreign sources. Expenditure includes all expenditure that is directly related to instruction and education. Government (public) education expenditure is the current and capital public expenditure on education plus subsidies for private education.
Impact of Education Spending
Education plays a crucial role in poverty reduction. Education spending helps in promoting economic growth and boosts the GDP of a country. It aids in reducing infant mortality rate, increases human life expectancy, and reduces drop-out rates from schools and colleges.
Outlook on Global Expenditure on Education
As per Global Data estimates, the annual spending on education worldwide was $3.5 trillion in 2020. Some of the top countries with the highest spending on education include the United States, Japan, Germany, the United Kingdom, Canada, France, and Australia. The countries with the lowest expenditure on education include Latvia, Croatia, Estonia, Iceland, Cyprus, and Lithuania.
The top countries with the highest education spending as a % of GDP include Canada, Chile, Colombia, Norway, Denmark, and Australia. Countries with the lowest education spending as a % of GDP include Croatia, Romania, Latvia, Ireland, and Luxembourg.
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