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Portugal Economy 2014
http://www.theodora.com/wfbcurrent/portugal/portugal_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments 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 grew by more than the EU average for much of the 1990s, but the rate of growth slowed in 2001-08. The economy contracted 2.5% in 2009, before growing 1.4% in 2010, but GDP fell again in 2011 and 2012, as the government began implementing spending cuts and tax increases 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. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment, in part because its rigid labor market hindered greater productivity and growth. However, the government of Pedro PASSOS COELHO has enacted several measures to introduce more flexibility into the labor market, and, this, along with steps to reduce high levels of public debt, could make Portugal more attractive to foreign investors. 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. The budget deficit worsened in 2012 as a sharp reduction in domestic consumption took a bigger bite out of value-added tax revenues while rising unemployment benefits increased expenditures more than anticipated. Poor growth prospects over the next year have reinforced investors' concerns about the government's ability to achieve its budget deficit targets and regain full access to bond market financing when the EU-IMF financing program expires in 2013.

GDP (purchasing power parity):
$244.3 billion (2012 est.)
country comparison to the world: 52

$252.5 billion (2011 est.)
$255.8 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$209.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-3.2% (2012 est.)
country comparison to the world: 213

-1.3% (2011 est.)
1.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$23,000 (2012 est.)
country comparison to the world: 64

$23,700 (2011 est.)
$24,000 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
15% of GDP (2012 est.)
country comparison to the world: 103

11.3% of GDP (2011 est.)
9.6% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.3%
investment in fixed capital: 16%
investment in inventories: 0.6%
exports of goods and services: 38.7%
imports of goods and services: -39.3%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 2.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.1%
services: 75.4% (2012 est.)

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

Industries:
textiles, clothing, footwear, wood and cork, paper, chemicals, auto-parts manufacturing, base metals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine and other foods; ship construction and refurbishment; tourism

Industrial production growth rate:
-6.1% (2012 est.)
country comparison to the world: 174
[see also: Industrial production growth rate country ranks ]

Labor force:
5.495 million (2012 est.)
country comparison to the world: 69
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 28.5%
services: 59.8% (2009 est.)

Unemployment rate:
15.7% (2012 est.)
country comparison to the world: 148

12.7% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
18% (2006)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.4% (1995 est.)

Distribution of family income - Gini index:
38.5 (2007)
country comparison to the world: 71

35.6 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $87.36 billion
[see also: Budget revenues country ranks ]
expenditures: $101 billion (2012 est.)

Taxes and other revenues:
41.7% of GDP (2012 est.)
country comparison to the world: 37
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.5% of GDP (2012 est.)
country comparison to the world: 181
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
123.6% of GDP (2012 est.)
country comparison to the world: 9

108.3% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.8% (2012 est.)
country comparison to the world: 84

3.7% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 124

1.75% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.37% (31 December 2012 est.)
country comparison to the world: 148

5.71% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$88.92 billion (31 December 2012 est.)
country comparison to the world: 38

$89.43 billion (31 December 2011 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$298.3 billion (31 December 2012 est.)
country comparison to the world: 31

$322.7 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$433.6 billion (31 December 2012 est.)
country comparison to the world: 27

$451.4 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$61.69 billion (31 December 2011)
country comparison to the world: 46

$82 billion (31 December 2010)
$98.65 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-3.365 billion (2012 est.)
country comparison to the world: 154

$-16.76 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$58.24 billion (2012 est.)
country comparison to the world: 56

$60.01 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
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, base metals

Exports - partners:
Spain 22.7%, Germany 12.4%, France 11.9%, Angola 6.5%, UK 5.3%, Netherlands 4.2% (2012)

Imports:
$69.48 billion (2012 est.)
country comparison to the world: 44

$79.67 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, chemical products, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semi-conductors and related devices, oil products, base metals, food products, textile materials

Imports - partners:
Spain 32%, Germany 11.5%, France 6.7%, Italy 5.3%, Netherlands 4.9% (2012)

Reserves of foreign exchange and gold:
$22.66 billion (31 December 2012 est.)
country comparison to the world: 57

$21.34 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$508.3 billion (31 December 2012)
country comparison to the world: 25

$482.2 billion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$117.2 billion (31 December 2012 est.)
country comparison to the world: 36

$111.8 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$71.26 billion (31 December 2012 est.)
country comparison to the world: 32

$72.23 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Portugal on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Portugal Economy 2014 information contained here. All suggestions for corrections of any errors about Portugal Economy 2014 should be addressed to the CIA.



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