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World > Europe > Portugal > Economy (Facts)

Portugal - Economy (Facts)
Economy - overview: 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 2001-06. GDP per capita stands at roughly two-thirds of the EU-25 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 was reduced to 4.6% in 2006. 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 - real growth rate: 1.3% (2006 est.)
GDP (purchasing power parity): $210.1 billion (2006 est.)
GDP (official exchange rate): $176.8 billion (2006 est.)
GDP - per capita (PPP): $19,800 (2006 est.)
GDP - composition by sector: agriculture: 6.6%
industry: 28.6%
services: 64.9% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: 3.1%
highest 10%: 28.4% (1995 est.)
Inflation rate (consumer prices): 2.5% (2006 est.)
Labor force: 5.58 million (2006)
Labor force - by occupation: agriculture: 10%
industry: 30%
services: 60% (2001 est.)
Unemployment rate: 7.6% (2006 est.)
Budget: revenues: $83.89 billion
expenditures: $93.09 billion; including capital expenditures of NA (2006 est.)
Industries: textiles and footwear; wood pulp, paper, and cork; metals and metalworking; oil refining; chemicals; fish canning; rubber and plastic products; ceramics; electronics and communications equipment; rail transportation equipment; aerospace equipment; ship construction and refurbishment; wine; tourism
Industrial production growth rate: 0.9% (2006 est.)
Electricity - production: 42.52 billion kWh (2004)
Electricity - consumption: 46.05 billion kWh (2004)
Electricity - exports: 2.1 billion kWh (2004)
Electricity - imports: 8.6 billion kWh (2004)
Oil - production: NA bbl/day
Oil - consumption: 332,000 bbl/day (2004)
Oil - exports: 43,070 bbl/day (2004)
Oil - imports: 361,300 bbl/day (2004)
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2005 est.)
Natural gas - exports: 0 cu m (2005 est.)
Natural gas - imports: 4.46 billion cu m (2005 est.)
Agriculture - products: grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, swine, poultry, dairy products; fish
Exports: $46.77 billion f.o.b. (2006 est.)
Exports - commodities: clothing and footwear, machinery, chemicals, cork and paper products, hides
Exports - partners: Spain 26.5%, Germany 12.9%, France 12%, UK 6.7%, US 6.1% (2006)
Imports: $67.74 billion f.o.b. (2006 est.)
Imports - commodities: machinery and transport equipment, chemicals, petroleum, textiles, agricultural products
Imports - partners: Spain 29%, Germany 13.1%, France 8.1%, Italy 5.6%, Netherlands 4.4% (2006)
Debt - external: $272.2 billion (30 September 2006 est.)
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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