Portugal

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, shrank 2.6% in 2009, before growing 1% in 2010. GDP per capita stands at roughly two-thirds of the EU-27 average. A poor educational system and a rigid labor market have been obstacles to greater productivity and growth. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a target for foreign direct investment. Portugal’s competitiveness problems, low growth prospects, and high levels of public debt have made it vulnerable to bond market turbulence. Lisbon is implementing austerity measures to reduce the budget deficit from 9.4% of GDP in 2009 to 4.6% of GDP in 2011, but some investors have expressed concern about Portugal’s ability to achieve these targets and cover its sovereign debt. Without the option for stimulus measures, the government is focusing instead on boosting exports and implementing labor market reforms to try to raise GDP growth and tackle Portugal’s competitiveness problems, which may help mitigate investor concerns over time.

$247 billion (2010 est.)

$244.5 billion (2009 est.)

$251 billion (2008 est.)

$223.7 billion (2010 est.)

1% (2010 est.)

-2.6% (2009 est.)

0% (2008 est.)

$23,000 (2010 est.)

$22,800 (2009 est.)

$23,500 (2008 est.)

5.57 million (2010 est.)

10.7% (2010 est.)

9.5% (2009 est.)

18% (2006)

38.5 (2007)

35.6 (1995)

19% of GDP (2010 est.)

83.2% of GDP (2010 est.)

76.8% of GDP (2009 est.)

1.1% (2010 est.)

-0.8% (2009 est.)

1.75% (31 December 2009)

3% (31 December 2008)

6.12% (31 December 2009 est.)

8.35% (31 December 2008 est.)

$98.23 billion (31 December 2010 est)

$100.9 billion (31 December 2009 est)

$282 billion (31 December 2010 est.)

$302.3 billion (31 December 2009 est.)

$556.3 billion (31 December 2009 est.)

$490.8 billion (31 December 2008 est.)

$98.65 billion (31 December 2009)

$68.71 billion (31 December 2008)

$132.3 billion (31 December 2007)

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

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

0.9% (2010 est.)

44.47 billion kWh (2007 est.)

48.78 billion kWh (2007 est.)

1.313 billion kWh (2008 est.)

10.74 billion kWh (2008 est.)

4,721 bbl/day (2009 est.)

272,200 bbl/day (2009 est.)

53,660 bbl/day (2008 est.)

323,000 bbl/day (2008 est.)

0 bbl (1 January 2010 est.)

NA (2008 est.)

4.846 billion cu m (2009 est.)

0 cu m (2008 est.)

4.895 billion cu m (2009 est.)

0 cu m (1 January 2010 est.)

-$19.03 billion (2010 est.)

-$23.95 billion (2009 est.)

$46.27 billion (2010 est.)

$44.49 billion (2009 est.)

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

Spain 26.25%, Germany 12.99%, France 12.04%, Angola 7.21%, UK 5.54% (2009)

$68.22 billion (2010 est.)

$68.9 billion (2009 est.)

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

Spain 31.58%, Germany 12.41%, France 8.58%, Italy 5.55%, Netherlands 5.31% (2009)

$NA (31 December 2010 est.)

$16.03 billion (31 December 2009 est.)

$497.8 billion (30 June 2010)

$507 billion (30 June 2009)

$105.7 billion (31 December 2010 est.)

$102.6 billion (31 December 2009 est.)

$63.64 billion (31 December 2010 est.)

$63.64 billion (31 December 2009 est.)

euros (EUR) per US dollar - 0.774 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)