This article estimates a common dynamic stochastic production frontier for the European Union countries taking several decades within the period 1990–2017. These frontiers are the starting point to analyse developments in the Portuguese economy, notably through a growth accounting exercise that disentangles the total contribution of inputs’ accumulation and total factor productivity (TFP) to GDP growth. In addition, TFP contribution is broken down into technological progress and changes in efficiency. Moreover, the computation of the elasticities of capital and labour to GDP make it possible to disentangle total input’s accumulation into the contributions of capital and labour. Results reflect a modest performance of the Portuguese economy along the last decades, particularly in terms of the contribution of efficiency developments.