| People | Portugal |
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Economy - overview:
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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):
|
$232 billion (2007 est.) |
GDP (official exchange rate):
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$219.5 billion (2007 est.) |
GDP - real growth rate:
|
1.9% (2007 est.) |
GDP - per capita (PPP):
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$21,800 (2007 est.) |
GDP - composition by sector:
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agriculture: 3.5%
industry: 25.3%
services: 71.2% (2007 est.) |
Investment (gross fixed):
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21% of GDP (2007 est.) |
Population below poverty line:
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18% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 28.4% (1995 est.) |
Distribution of family income - Gini index:
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38.5 (2007) |
Inflation rate (consumer prices):
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2.4% (2007) |
Labor force:
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5.5 million (2007 est.) |
Labor force participation rate:
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51.51 % of population |
Labor force - by occupation:
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agriculture: 10%
industry: 30%
services: 60% (2007 est.) |
Unemployment rate:
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8% (2007) |
Budget:
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revenues: $92.35 billion
expenditures: $98 billion (2007 est.) |
Budget revenues per capita:
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8,650 USD per capita |
Public debt:
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65.8% of GDP (2007 est.) |
Industries:
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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:
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1.8% (2007 est.) |
Electricity - production:
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49.04 billion kWh (2006) |
Electricity - production per capita:
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4,594 kWh per capita |
Electricity - consumption:
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48.55 billion kWh (2006) |
Electricity - consumption - per capita:
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4,548 kWh per capita |
Electricity - exports:
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3.183 billion kWh (2006) |
Electricity - imports:
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8.624 billion kWh (2006) |
Oil - production:
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9,500 bbl/day (2006 est.) |
Oil - production per capita:
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890 bbl/day per capita |
Oil - consumption:
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305,800 bbl/day (2006 est.) |
Oil - consumption - per capita:
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10.45 bbl/year per capita |
Oil - exports:
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43,070 bbl/day (2004) |
Oil - imports:
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361,300 bbl/day (2004) |
Oil - proved reserves:
|
NA bbl |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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3.86 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
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362 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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4.082 billion cu m (2006) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, swine, poultry, dairy products; fish |
Current account balance:
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-$18.53 billion (2007 est.) |
Current account balance - per capita:
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-1,735 USD per capita |
Exports:
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$50.72 billion f.o.b. (2007 est.) |
Exports per capita:
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4,751 USD per capita |
Exports - commodities:
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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:
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Spain 26.5%, Germany 12.9%, France 12%, UK 6.7%, US 6.1% (2006) |
Imports:
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$72.19 billion f.o.b. (2007 est.) |
Imports per capita:
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6,762 USD per capita |
Imports - commodities:
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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:
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Spain 29%, Germany 13.1%, France 8.1%, Italy 5.6%, Netherlands 4.4% (2006) |
Reserves of foreign exchange and gold:
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$10.4 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
975 USD per capita |
Debt - external:
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$415.5 billion (30 June 2007) |
Debt - external - per capita:
|
38,916 USD per capita |
Stock of direct foreign investment - at home:
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$85.52 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$54.85 billion (2006 est.) |
Market value of publicly traded shares:
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$66.98 billion (2005) |
Economic aid - donor:
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ODA, $396 million (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
euro (EUR) |
Exchange rates:
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euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003) |
Fiscal year:
|
calendar year |
|
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