| Economy | 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 - the EU's predecessor - 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 Economic and Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002 along with 11 other EU members. The economy had grown by more than the EU average for much of the 1990s, but fell back in 2001-08, and contracted 2.5% in 2009, before growing 1.3% in 2010. But GDP fell again in 2011, as the government implemented austerity measures, including a 5% public salary cut, a 2% increase in the value-added tax, and an extraordinary tax on yearend bonuses to comply with conditions of an EU-IMF financial rescue package agreed to in May 2011. GDP per capita stands at roughly two-thirds of the EU-27 average. A poor educational system and a rigid labor market have been obstacles to greater productivity and growth. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment. Portugal's low competitiveness, low growth prospects, and high levels of public debt have made it vulnerable to bond market turbulence. The government reduced the budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made possible only by the extraordinary revenues obtained from the one-time transfer of bank pension funds to the social security system. Investors, however, continue to express concern about the government's ability to achieve future budget deficit targets and obtain foreign financing to cover its sovereign debt obligations when the EU-IMF financing program expires in 2013. Without the option for stimulus measures, the government is focusing instead on boosting exports and implementing labor market and other structural reforms to try to raise GDP growth and increase Portugal's competitiveness - which, over time, may help mitigate investor concerns. |
GDP (purchasing power parity):
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$246.9 billion (2011 est.)
$252.5 billion (2010 est.)
$249.1 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$23,200 (2011 est.)
$23,700 (2010 est.)
$23,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$241.9 billion (2011 est.) |
GDP - real growth rate:
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-2.2% (2011 est.)
1.3% (2010 est.)
-2.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.5%
industry: 22.8%
services: 74.8% (2011 est.) |
Investment (gross fixed):
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17.5% of GDP (2011 est.) |
Population below poverty line:
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18% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 28.4% (1995 est.) |
Distribution of family income - Gini index:
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38.5 (2007)
35.6 (1995) |
Inflation rate (consumer prices):
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3.2% (2011 est.)
1.4% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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5.7% (31 December 2011 est.)
4.225% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$556.3 billion (31 December 2009 est.)
$490.8 billion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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51,700 USD per capita |
Stock of narrow money:
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$100.2 billion (31 December 2011 est.)
$95.9 billion (31 December 2010 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$345.7 billion (31 December 2011 est.)
$319.4 billion (31 December 2010 est.) |
Labor force:
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5.528 million (2011 est.) |
Labor force participation rate:
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51.37 % of population |
Labor force - by occupation:
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agriculture: 11.7%
industry: 28.5%
services: 59.8% (2009 est.) |
Unemployment rate:
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12.4% (2011 est.)
10.8% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 20%
male: 18.6%
female: 21.6% (2009) |
Budget:
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revenues: $108.7 billion
expenditures: $119.6 billion (2011 est.) |
Budget revenues per capita:
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10,102 USD per capita |
Taxes and other revenues:
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44.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.5% of GDP (2011 est.) |
Public debt:
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103.3% of GDP (2011 est.)
93.5% of GDP (2010 est.)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions |
Industries:
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textiles, clothing, footwear, wood and cork, paper, chemicals, auto-parts manufacturing, base metals, dairy products, wine and other foods, porcelain and ceramics, glassware, technology, telecommunications; ship construction and refurbishment; tourism |
Industrial production growth rate:
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-1.6% (2011 est.) |
Electricity - production:
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46.53 billion kWh (2009 est.) |
Electricity - production per capita:
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4,325 kWh per capita |
Electricity - consumption:
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48.27 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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4,486 kWh per capita |
Electricity - exports:
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2.822 billion kWh (2009 est.) |
Electricity - imports:
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4.776 billion kWh (2009 est.) |
Oil - production:
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4,721 bbl/day (2010 est.) |
Oil - production per capita:
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439 bbl/day per capita |
Oil - consumption:
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277,400 bbl/day (2010 est.) |
Oil - consumption - per capita:
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9.41 bbl/year per capita |
Oil - exports:
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49,650 bbl/day (2009 est.) |
Oil - imports:
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294,600 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2010 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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5.161 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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480 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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5.122 billion cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish |
Current account balance:
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-$20.4 billion (2011 est.)
-$22.61 billion (2010 est.) |
Current account balance - per capita:
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-1,895 USD per capita |
Exports:
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$56.6 billion (2011 est.)
$48.91 billion (2010 est.) |
Exports per capita:
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5,261 USD per capita |
Exports - commodities:
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agricultural products, food products, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools |
Exports - partners:
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Spain 26.8%, Germany 13.1%, France 11.9%, UK 5.5%, Angola 5.2% (2010) |
Imports:
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$78.81 billion (2011 est.)
$72.67 billion (2010 est.) |
Imports per capita:
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7,325 USD per capita |
Imports - commodities:
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agricultural products, chemical products, vehicles and other transport material, and optical and precision instruments, computer accessories and parts, semi-conductors and related devices |
Imports - partners:
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Spain 31.3%, Germany 13.8%, France 7.3%, Italy 5.7%, Netherlands 5.2% (2010) |
Reserves of foreign exchange and gold:
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$21 billion (31 December 2010 est.)
$16.03 billion (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
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1,952 USD per capita |
Debt - external:
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$548.3 billion (30 June 2011)
$497.8 billion (30 June 2010) |
Debt - external - per capita:
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50,956 USD per capita |
Stock of direct foreign investment - at home:
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$109.8 billion (31 December 2011 est.)
$110.2 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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10,205 USD per capita |
Stock of direct foreign investment - abroad:
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$64.25 billion (31 December 2011 est.)
$64.25 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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5,972 USD per capita |
Market value of publicly traded shares:
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$82 billion (31 December 2010)
$98.65 billion (31 December 2009)
$68.71 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
7,621 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
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calendar year |
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