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Economy Overview - Portugal


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 2001-08, and shrank 3.3% in 2009. 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. Portugal's financial sector has been relatively insulated from the global financial crisis and the government has not spent much on shoring up banks. Nonetheless, the government faces tough choices in its attempts to stimulate the economy, while trying to keep the budget deficit within the euro-zone 3%-of-GDP ceiling. In 2009, the deficit reached 6.8% of GDP.

GDP (purchasing power parity):
$232.2 billion (2009 est.)
country comparison to the world: 50
$240.2 billion (2008 est.)
$240.2 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$219.8 billion (2009 est.)

GDP - real growth rate:
-3.3% (2009 est.)
country comparison to the world: 168
0% (2008 est.)
1.9% (2007 est.)

GDP - per capita (PPP):
$21,700 (2009 est.)
country comparison to the world: 56
$22,500 (2008 est.)
$22,600 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 2.9%
industry: 24.4%
services: 72.8% (2009 est.)

Labor force:
5.58 million (2009 est.)
country comparison to the world: 67

Labor force - by occupation:
agriculture: 10%
industry: 30%
services: 60% (2007 est.)

Unemployment rate:
9.2% (2009 est.)
country comparison to the world: 103
7.6% (2008 est.)

Population below poverty line:
18% (2006)

Household income or consumption by percentage share:
lowest 10%: 3.1%
highest 10%: 28.4% (1995 est.)

Distribution of family income - Gini index:
38.5 (2007)
country comparison to the world: 72
35.6 (1995)

Investment (gross fixed):
19.7% of GDP (2009 est.)
country comparison to the world: 100

Budget:
revenues: $91.89 billion
expenditures: $106.8 billion (2009 est.)

Public debt:
75.2% of GDP (2009 est.)
country comparison to the world: 19
66.4% of GDP (2008 est.)

Inflation rate (consumer prices):
-0.9% (2009 est.)
country comparison to the world: 7
2.6% (2008 est.)

Central bank discount rate:
3% (31 December 2008)
country comparison to the world: 93
5% (31 December 2007)
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:
8.35% (31 December 2008)
country comparison to the world: 110
7.92% (31 December 2007)

Stock of money:
$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 quasi money:
$NA

Stock of domestic credit:
$491 billion (31 December 2008)
country comparison to the world: 21
$412.7 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)
country comparison to the world: 40
$132.3 billion (31 December 2007)
$104.2 billion (31 December 2006)

Agriculture - products:
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, swine, poultry, dairy products; fish

Industries:
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:
-5.5% (2009 est.)
country comparison to the world: 111

Electricity - production:
44.47 billion kWh (2007 est.)
country comparison to the world: 53

Electricity - consumption:
48.78 billion kWh (2007 est.)
country comparison to the world: 47

Electricity - exports:
1.313 billion kWh (2008 est.)

Electricity - imports:
10.74 billion kWh (2008 est.)

Oil - production:
7,861 bbl/day (2008 est.)
country comparison to the world: 89

Oil - consumption:
291,700 bbl/day (2008 est.)
country comparison to the world: 41

Oil - exports:
53,260 bbl/day (2008 est.)
country comparison to the world: 76

Oil - imports:
351,100 bbl/day (2008 est.)
country comparison to the world: 29

Oil - proved reserves:
0 bbl
country comparison to the world: 143

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 142

Natural gas - consumption:
4.754 billion cu m (2008 est.)
country comparison to the world: 59

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 133

Natural gas - imports:
4.763 billion cu m (2008 est.)
country comparison to the world: 32

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
country comparison to the world: 144

Current account balance:
-$18.61 billion (2009 est.)
country comparison to the world: 181
-$29.6 billion (2008 est.)

Exports:
$41.43 billion (2009 est.)
country comparison to the world: 52
$56.42 billion (2008 est.)

Exports - commodities:
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

Exports - partners:
Spain 25.6%, Germany 12.6%, France 11.1%, Angola 5.9%, UK 5.3% (2008)

Imports:
$58.79 billion (2009 est.)
country comparison to the world: 40
$87.83 billion (2008 est.)

Imports - commodities:
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:
Spain 28.9%, Germany 11.6%, France 8%, Italy 4.9%, Netherlands 4.4% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)
$11.95 billion (31 December 2008 est.)

Debt - external:
$507 billion (30 June 2009)
country comparison to the world: 19
$484.7 billion (31 December 2008)

Stock of direct foreign investment - at home:
$120.6 billion (31 December 2009 est.)
country comparison to the world: 29
$117.8 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$NA (31 December 2009 est.)
$69.24 billion (31 December 2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)

Silver Coast
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