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    Portugal Economy - 2004
    https://immigration-usa.com/wfb2004/portugal/portugal_economy.html
    SOURCE: 2004 CIA WORLD FACTBOOK

      Economy - overview:
      Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past decade, 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 has been above the EU average for much of the past decade, but fell back in 2001-03. GDP per capita stands at 70% of that of the leading EU economies. 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 coalition government faces tough choices in its attempts to boost Portugal's economic competitiveness and to keep the budget deficit within the 3% EU ceiling.

      GDP:
      purchasing power parity - $182.3 billion (2003 est.)

      GDP - real growth rate:
      -1% (2003 est.)

      GDP - per capita:
      purchasing power parity - $18,000 (2003 est.)

      GDP - composition by sector:
      agriculture: 3.7%
      industry: 29.3%
      services: 67% (2002)

      Population below poverty line:
      NA% (1999 est.)

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

      Distribution of family income - Gini index:
      35.6 (1994-95)

      Inflation rate (consumer prices):
      3.1% (2003 est.)

      Labor force:
      5.1 million (2000)

      Labor force - by occupation:
      services 60%, industry 30%, agriculture 10% (1999 est.)

      Unemployment rate:
      6% (2003 est.)

      Budget:
      revenues: $45 billion
      expenditures: $48 billion, including capital expenditures of $NA (2001 est.)

      Industries:
      textiles and footwear; wood pulp, paper, and cork; metalworking; oil refining; chemicals; fish canning; wine; tourism

      Industrial production growth rate:
      -2.2% (2003 est.)

      Electricity - production:
      44.32 billion kWh (2001)

      Electricity - production by source:
      fossil fuel: 64.5%
      hydro: 31.3%
      other: 4.1% (2001)
      nuclear: 0%

      Electricity - consumption:
      41.48 billion kWh (2001)

      Electricity - exports:
      3.479 billion kWh (2001)

      Electricity - imports:
      3.743 billion kWh (2001)

      Oil - production:
      0 bbl/day (2001 est.)

      Oil - consumption:
      339,800 bbl/day (2001 est.)

      Oil - exports:
      28,830 bbl/day (2001)

      Oil - imports:
      357,300 bbl/day (2001)

      Natural gas - production:
      0 cu m (2001 est.)

      Natural gas - consumption:
      2.542 billion cu m (2001 est.)

      Natural gas - exports:
      0 cu m (2001 est.)

      Natural gas - imports:
      2.553 billion cu m (2001 est.)

      Agriculture - products:
      grain, potatoes, olives, grapes; sheep, cattle, goats, poultry, beef, dairy products

      Exports:
      $31.13 billion f.o.b. (2003 est.)

      Exports - commodities:
      clothing and footwear, machinery, chemicals, cork and paper products, hides

      Exports - partners:
      Spain 20.3%, Germany 18.4%, France 12.6%, UK 10.5%, US 5.8%, Italy 4.8%, Belgium 4.5% (2002)

      Imports:
      $43.73 billion f.o.b. (2003 est.)

      Imports - commodities:
      machinery and transport equipment, chemicals, petroleum, textiles, agricultural products

      Imports - partners:
      Spain 28.1%, Germany 15%, France 10.2%, Italy 6.5%, UK 5.2%, Netherlands 4.5% (2002)

      Debt - external:
      $211.7 billion (2003 est.)

      Economic aid - donor:
      ODA, $271 million (1995)

      Currency:
      euro (EUR)
      note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

      Currency code:
      EUR

      Exchange rates:
      euros per US dollar - 0.89 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

      Fiscal year:
      calendar year


      NOTE: The information regarding Portugal on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Portugal Economy 2004 information contained here. All suggestions for corrections of any errors about Portugal Economy 2004 should be addressed to the CIA.

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    https://immigration-usa.com/wfb2004/portugal/portugal_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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