unbekannter Gast

Portugal: Economy#

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 in 2009, and fell again from 2011 to 2013, as the government implemented spending cuts and tax increases to comply with conditions of an EU-IMF financial rescue package, signed in May 2011. Austerity measures also have contributed to record unemployment and a wave of emigration not seen since the 1960s. Booming exports will contribute to growth and employment in 2014, but the need to continue to reduce private- and public-sector debt could weigh on consumption and investment. The government of Pedro PASSOS COELHO has stated its intention to reduce labor market rigidity, and, this, along with steps to trim the budget deficit, could make Portugal more attractive to foreign investors. The government reduced the budget deficit from 10.1% of GDP in 2009 to 5.1% in 2013, lower than the EU-IMF fiscal target of 5.5%. Despite these efforts, public debt has continued to grow and, in 2013, stands among the highest in the EU. As a result, the government may have difficulty regaining full bond market financing when the EU-IMF financing program expires in May 2014.

Economic Facts#

GDP (purchasing power parity)$243.3 billion (2013 est.)
$247.7 billion (2012 est.)
$256 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate-1.8% (2013 est.)
-3.2% (2012 est.)
-1.3% (2011 est.)
GDP - per capita (PPP)$22,900 (2013 est.)
$23,400 (2012 est.)
$24,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 2.6%
industry: 22.2%
services: 75.2% (2013 est.)
Population below poverty line18% (2006)
Household income or consumption by percentage sharelowest 10%: 3.1%
highest 10%: 28.4% (1995 est.)
Labor force - by occupationagriculture: 11.7%
industry: 28.5%
services: 59.8% (2009 est.)
Exports - commoditiesagricultural 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 - partnersSpain 22.7%, Germany 12.4%, France 11.9%, Angola 6.5%, UK 5.3%, Netherlands 4.2% (2012)
Agriculture - productsgrain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish
Budgetrevenues: $95.49 billion
expenditures: $106.8 billion (2013 est.)
Imports - commoditiesagricultural 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 - partnersSpain 32%, Germany 11.5%, France 6.7%, Italy 5.3%, Netherlands 4.9% (2012)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$61 billion (2013 est.)
$58.29 billion (2012 est.)
Debt - external$508.3 billion (31 December 2012 est.)
$482.2 billion (31 December 2011)
Fiscal yearcalendar year
Imports$59 billion (2013 est.)
$72.35 billion (2012 est.)
Industrial production growth rate-1% (2013 est.)
Industriestextiles, clothing, footwear, wood and cork, paper, chemicals, auto parts, base metals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine, other foodstuffs; ship construction and refurbishment; tourism
Inflation rate (consumer prices)0.4% (2013 est.)
2.8% (2012 est.)
Labor force5.395 million (2013 est.)
Unemployment rate16.8% (2013 est.)
15.7% (2012 est.)
Distribution of family income - Gini index38.5 (2007)
35.6 (1995)
Public debt127.8% of GDP (2013 est.)
123.6% of GDP (2012 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
Current account balance$1 billion (2013 est.)
-$3.365 billion (2012 est.)
Reserves of foreign exchange and gold$22.66 billion (31 December 2012 est.)
$21.34 billion (31 December 2011 est.)
GDP (official exchange rate)$219.3 billion (2013 est.)
Stock of direct foreign investment - at home$121.6 billion (31 December 2013 est.)
$117.2 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$71.26 billion (31 December 2013 est.)
$71.26 billion (31 December 2012 est.)
Market value of publicly traded shares$65.53 billion (31 December 2012 est.)
$61.69 billion (31 December 2011)
$82 billion (31 December 2010 est.)
Central bank discount rate0.75% (31 December 2013)
1.5% (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
Commercial bank prime lending rate6% (31 December 2013 est.)
6.37% (31 December 2012 est.)
Stock of domestic credit$408.3 billion (31 December 2013 est.)
$433.6 billion (31 December 2012 est.)
Stock of narrow money$86.57 billion (31 December 2013 est.)
$88.92 billion (31 December 2012 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$283.9 billion (31 December 2013 est.)
$301.5 billion (31 December 2012 est.)
Taxes and other revenues43.5% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-5.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 64.8%
government consumption: 18.1%
investment in fixed capital: 15.5%
investment in inventories: -0.4%
exports of goods and services: 42%
imports of goods and services: -40%
(2013 est.)
Gross national saving15.4% of GDP (2013 est.)
15% of GDP (2012 est.)
11.3% of GDP (2011 est.)