| Introduction - Portugal: |
| Location - Portugal: |
| People - Portugal: |
| Government - Portugal: |
| Economy - Portugal: |
Economy overview | Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past two decades, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country qualified for the European Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002 along with 11 other EU member economies. Economic growth had been above the EU average for much of the 1990s, but fell back in 2001-06. GDP per capita stands at roughly two-thirds of the EU-25 average. A poor educational system, in particular, has been an obstacle to greater productivity and growth. Portugal has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a target for foreign direct investment. The budget deficit surged to an all-time high of 6% of GDP in 2005 but was reduced to 4.6% in 2006. The government faces tough choices in its attempts to boost Portugals economic competitiveness while keeping the budget deficit within the eurozones 3%-of-GDP ceiling. |
|
Gdp purchasing power parity | $210.1 billion (2006 est.) |
|
Gdp official exchange rate | $176.8 billion (2006 est.) |
|
Gdp real growth rate | 1.3% (2006 est.) |
|
Gdp per capita ppp | $19,800 (2006 est.) |
|
Gdp composition by sector | agriculture: 6.6%
industry: 28.6%
services: 64.9% (2006 est.) |
|
Labor force | 5.58 million (2006) |
|
Labor force by occupation | agriculture: 10%
industry: 30%
services: 60% (2001 est.) |
|
Unemployment rate | 7.6% (2006 est.) |
|
Population below poverty line | NA% |
|
Household income or consumption by percentage share | lowest 10%: 3.1%
highest 10%: 28.4% (1995 est.) |
|
Distribution of family income gini index | 38.5 (1997) |
|
Inflation rate consumer prices | 2.5% (2006 est.) |
|
Investment gross fixed | 20.9% of GDP (2006 est.) |
|
Budget | revenues: $83.89 billion
expenditures: $93.09 billion; including capital expenditures of $NA (2006 est.) |
|
Public debt | 67.4% of GDP (2006 est.) |
|
Agriculture products | grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, swine, poultry, dairy products; fish |
|
Industries | textiles and footwear; wood pulp, paper, and cork; metals and metalworking; oil refining; chemicals; fish canning; rubber and plastic products; ceramics; electronics and communications equipment; rail transportation equipment; aerospace equipment; ship construction and refurbishment; wine; tourism |
|
Industrial production growth rate | 0.9% (2006 est.) |
|
Electricity production | 42.52 billion kWh (2004) |
|
Electricity consumption | 46.05 billion kWh (2004) |
|
Electricity exports | 2.1 billion kWh (2004) |
|
Electricity imports | 8.6 billion kWh (2004) |
|
Oil production | NA bbl/day |
|
Oil consumption | 332,000 bbl/day (2004) |
|
Oil exports | 43,070 bbl/day (2004) |
|
Oil imports | 361,300 bbl/day (2004) |
|
Oil proved reserves | 0 bbl |
|
Natural gas production | 0 cu m (2005 est.) |
|
Natural gas consumption | 4.297 billion cu m (2005 est.) |
|
Natural gas exports | 0 cu m (2005 est.) |
|
Natural gas imports | 4.46 billion cu m (2005 est.) |
|
Current account balance | -$16.75 billion (2006 est.) |
|
Exports | $46.77 billion f.o.b. (2006 est.) |
|
Exports commodities | clothing and footwear, machinery, chemicals, cork and paper products, hides |
|
Exports partners | Spain 26.5%, Germany 12.9%, France 12%, UK 6.7%, US 6.1% (2006) |
|
Imports | $67.74 billion f.o.b. (2006 est.) |
|
Imports commodities | machinery and transport equipment, chemicals, petroleum, textiles, agricultural products |
|
Imports partners | Spain 29%, Germany 13.1%, France 8.1%, Italy 5.6%, Netherlands 4.4% (2006) |
|
Reserves of foreign exchange and gold | $9.88 billion (December 2006 est.) |
|
Economic aid donor | ODA, $271 million (1995) |
|
Debt external | $272.2 billion (30 September 2006 est.) |
|
Currency code | euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries |
|
Exchange rates | euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
|
| Communications - Portugal: |
| Transportation - Portugal: |
| Military - Portugal: |
This page was last updated on 16 September, 2007
