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Portugal:
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Other pages in this profile of Portugal:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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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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