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 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$243.3 billion (2013 est.)
country comparison to the world: 54
$247.7 billion (2012 est.)
$256 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$219.3 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
-1.8% (2013 est.)
country comparison to the world: 212
-3.2% (2012 est.)
-1.3% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$22,900 (2013 est.)
country comparison to the world: 64
$23,400 (2012 est.)
$24,000 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
15.4% of GDP (2013 est.)
country comparison to the world: 108
15% of GDP (2012 est.)
11.3% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household 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.)
agriculture:
2.6%
industry:
22.2%
services:
75.2% (2013 est.)
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish
textiles, 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
-1% (2013 est.)
country comparison to the world: 174
[see also: Industrial production growth rate country ranks ]
5.395 million (2013 est.)
country comparison to the world: 70
[see also: Labor force country ranks ]
agriculture:
11.7%
industry:
28.5%
services:
59.8% (2009 est.)
16.8% (2013 est.)
country comparison to the world: 147
15.7% (2012 est.)
[see also: Unemployment rate country ranks ]
18% (2006)
[see also: Population below poverty line country ranks ]
lowest 10%:
3.1%
highest 10%:
28.4% (1995 est.)
38.5 (2007)
country comparison to the world: 71
35.6 (1995)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$95.49 billion
expenditures:
$106.8 billion (2013 est.)
43.5% of GDP (2013 est.)
country comparison to the world: 25
[see also: Taxes and other revenues country ranks ]
-5.1% of GDP (2013 est.)
country comparison to the world: 170
[see also: Budget surplus (+) or deficit (-) country ranks ]
127.8% of GDP (2013 est.)
country comparison to the world: 6
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
[see also: Public debt country ranks ]
calendar year
0.4% (2013 est.)
country comparison to the world: 14
2.8% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
0.75% (31 December 2013)
country comparison to the world: 130
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
[see also: Central bank discount rate country ranks ]
6% (31 December 2013 est.)
country comparison to the world: 128
6.37% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$86.57 billion (31 December 2013 est.)
country comparison to the world: 37
$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
[see also: Stock of narrow money country ranks ]
$283.9 billion (31 December 2013 est.)
country comparison to the world: 32
$301.5 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$408.3 billion (31 December 2013 est.)
country comparison to the world: 31
$433.6 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$65.53 billion (31 December 2012 est.)
country comparison to the world: 44
$61.69 billion (31 December 2011)
$82 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
$1 billion (2013 est.)
country comparison to the world: 49
-$3.365 billion (2012 est.)
[see also: Current account balance country ranks ]
$61 billion (2013 est.)
country comparison to the world: 54
$58.29 billion (2012 est.)
[see also: Exports country ranks ]
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
Spain 22.7%, Germany 12.4%, France 11.9%, Angola 6.5%, UK 5.3%, Netherlands 4.2% (2012)
$59 billion (2013 est.)
country comparison to the world: 51
$72.35 billion (2012 est.)
[see also: Imports country ranks ]
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
Spain 32%, Germany 11.5%, France 6.7%, Italy 5.3%, Netherlands 4.9% (2012)
$22.66 billion (31 December 2012 est.)
country comparison to the world: 55
$21.34 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$508.3 billion (31 December 2012 est.)
country comparison to the world: 26
$482.2 billion (31 December 2011)
[see also: Debt - external country ranks ]
$121.6 billion (31 December 2013 est.)
country comparison to the world: 38
$117.2 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$71.26 billion (31 December 2013 est.)
country comparison to the world: 32
$71.26 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)