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| Economy overview | Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past decade, 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 member economies. Economic growth has been above the EU average for much of the past decade, but fell back in 2001-03. GDP per capita stands at 70% of that of the leading EU economies. 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 coalition government faces tough choices in its attempts to boost Portugal's economic competitiveness and to keep the budget deficit within the 3% EU ceiling. |
| GDP | purchasing power parity - $181.8 billion (2004 est.) |
| GDP - real growth rate | -1.3% (2004 est.) |
| GDP - per capita | purchasing power parity - $18,000 (2004 est.) |
| GDP - composition by sector |
agriculture: 5.8% industry: 30.7% services: 63.2% (2004 est.) |
| Investment gross fixed | 22.3% of GDP (2004 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 | 35.6 (1994-95) |
| Inflation rate consumer prices | 3.3% (2004 est.) |
| Labor force | 5.409 million (2004 est.) |
| Labor force by occupation | agriculture 10%, industry 30%, services 60% (1999 est.) |
| Unemployment rate | 6.4% (2004 est.) |
| Budget |
revenues: $64.81 billion expenditures: $69.09 billion, including capital expenditures of na (2004 est.) |
| Public debt | 59.8% of GDP (2004 est.) |
| Agriculture products | grain, potatoes, olives, grapes; sheep, cattle, goats, poultry, beef, dairy products |
| Industries | textiles and footwear; wood pulp, paper, and cork; metalworking; oil refining; chemicals; fish canning; wine; tourism |
| Industrial production growth rate | 0.4% (2004 est.) |
| Electricity production | 44.32 billion kWh (2001) |
| Electricity production by source |
fossil fuel: 64.5% hydro: 31.3% other: 4.1% (2001) nuclear: 0% |
| Electricity consumption | 41.48 billion kWh (2001) |
| Electricity exports | 3.479 billion kWh (2001) |
| Electricity imports | 3.743 billion kWh (2001) |
| Oil production | 0 bbl/day (2001 est.) |
| Oil consumption | 339,800 bbl/day (2001 est.) |
| Oil exports | 28,830 bbl/day (2001) |
| Oil imports | 357,300 bbl/day (2001) |
| Oil proved reserves | |
| Natural gas production | 0 cu m (2001 est.) |
| Natural gas consumption | 2.542 billion cu m (2001 est.) |
| Natural gas exports | 0 cu m (2001 est.) |
| Natural gas imports | 2.553 billion cu m (2001 est.) |
| Natural gas proved reserves | |
| Current account balance | $-7.592 billion (2004 est.) |
| Exports | $31.13 billion f.o.b. (2004 est.) |
| Exports commodities | clothing and footwear, machinery, chemicals, cork and paper products, hides |
| Exports partners | Spain 22.7%, Germany 15.2%, France 12.9%, UK 10.5%, US 5.8%, Italy 4.8%, Belgium 4.6% (2003) |
| Imports | $43.73 billion f.o.b. (2003 est.) |
| Imports commodities | machinery and transport equipment, chemicals, petroleum, textiles, agricultural products |
| Imports partners | Spain 29.1%, Germany 14.7%, France 9.9%, Italy 6.4%, UK 4.9%, Netherlands 4.6% (2003) |
| Reserves of foreign exchange gold | $12.81 billion (2004 est.) |
| Debt external | $250.7 billion (2004 est.) |
| Economic aid recipient | |
| Currency | 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 |
| Currency code | EUR |
| Exchange rates | euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999) |
| Fiscal year | calendar year |
Introduction and Background to Portugal | Geography Of Portugal | People Of Portugal | Government Of Portugal | Communications Of Portugal | Transportation Of Portugal | Military Of Portugal | Transnational Issues Of Portugal
Portuguese Flag Map Of Portugal Mirandese language
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