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Portugal:
Economy

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Economy - overview
Definition
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 2001-07. GDP per capita stands at roughly two-thirds of the EU-27 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 the government reduced the deficit to 2.6% in 2007 - a year ahead of Portugal's targeted schedule. Nonetheless, the government faces tough choices in its attempts to boost Portugal's economic competitiveness while keeping the budget deficit within the eurozone's 3%-of-GDP ceiling.
GDP (purchasing power parity)
Definition - World rank and map
$230.5 billion (2007 est.)
GDP (official exchange rate)
Definition
$223.3 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
1.9% (2007 est.)
GDP - per capita
Definition - World rank and map
$21,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 8.1%
industry: 25.4%
services: 66.5% (2007 est.)
Labor force
Definition
5.62 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 10%
industry: 30%
services: 60% (2007 est.)
Unemployment rate
Definition - World rank and map
7.7% (2007 est.)
Population below poverty line
Definition
18% (2006)
Household income or consumption by percentage share
Definition
lowest 10%: 3.1%
highest 10%: 28.4% (1995 est.)
Distribution of family income - Gini index
Definition - World rank and map
38.5 (2007)
Inflation rate (consumer prices)
Definition - World rank and map
2.4% (2007)
Investment (gross fixed)
Definition - World rank and map
21.7% of GDP (2007 est.)
Budget
Definition
revenues: $92.35 billion
expenditures: $98 billion (2007 est.)
Public debt
Definition - World rank and map
63.6% of GDP (2007 est.)
Agriculture - products
Definition
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, swine, poultry, dairy products; fish
Industries
Definition
textiles, clothing, footwear, wood and cork, paper, chemicals, auto-parts manufacturing, base metals, diary products, wine and other foods, porcelain and ceramics, glassware, technology, telecommunications; ship construction and refurbishment; tourism
Industrial production growth rate
Definition - World rank and map
2.5% (2007 est.)
Electricity - production
Definition - World rank and map
49.04 billion kWh (2006)
Electricity - consumption
Definition - World rank and map
48.55 billion kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
4,547.2 kWh (2006)
Electricity - exports
Definition
3.138 billion kWh (2006)
Electricity - imports
Definition
8.624 billion kWh (2006)
Oil - production
Definition - World rank and map
9,500 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
305,800 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
28.6 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
43,070 bbl/day (2004)
Oil - imports
Definition - World rank and map
361,300 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
NA bbl
Natural gas - production
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - consumption
Definition - World rank and map
3.86 billion cu m (2006)
Natural gas - consumption per capita
Definition - World rank and map
362 cu m (2006)
Natural gas - exports
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - imports
Definition - World rank and map
4.082 billion cu m (2006)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$20.89 billion (2007 est.)
Exports
Definition - World rank and map
$51.5 billion f.o.b. (2007 est.)
Exports - commodities
Definition
agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, and optical and precision
Exports - partners
Definition
Spain 27.1%, Germany 12.9%, France 12.3%, UK 5.9%, US 4.7%, Angola 4.5%, Italy 4% (2006)
Imports
Definition - World rank and map
$75.3 billion f.o.b. (2007 est.)
Imports - commodities
Definition
agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, and optical and precision instruments, computer accessories and parts, semi-conductors and related devices, household goods, passenger cars new and used, and wine products
Imports - partners
Definition
Spain 29.5%, Germany 12.9%, France 8.4%, Italy 5.2%, Netherlands 4.6% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$11.55 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$389.5 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$89.2 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$54.85 billion (2007 est.)
Market value of publicly traded shares
Definition
$66.98 billion (2005)
Economic aid - donor
Definition
ODA, $396 million (2006)
Currency (code)
Definition
euro (EUR)
Exchange rates
Definition
euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year
Definition
calendar year


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