Portugal--Economy
CIA FactbookThe World Factbook 1993: Portugal Economy

Overview: Although Portugal has experienced strong growth since joining the EC in 1986 - at least 4% each year through 1990 - it remains one of the poorest members. To prepare for the European single market, the government is restructuring and modernizing the economy and in 1989 embarked on a major privatization program. As of 1 January 1993, Lisbon has fully liberalized its capital markets and most trade markets. The global slowdown and tight monetary policies to counter inflation caused growth to slow in 1991 and 1992. Growth probably will remain depressed in 1993, but should pick up again in 1994.

National product: GDP - purchasing power equivalent - $93.7 billion (1992)

National product real growth rate: 1.1% (1992)

National product per capita: $9,000 (1992)

Inflation rate (consumer prices): 9% (1992)

Unemployment rate: 5% (1992)

Budget: revenues $27.3 billion; expenditures $33.2 billion, including capital expenditures of $4.5 billion (1991)

Exports: $16.3 billion (f.o.b., 1992 est.) commodities: cotton textiles, cork and paper products, canned fish, wine, timber and timber products, resin, machinery, appliances partners: EC 75.4%, other developed countries 12.4%, US 3.8% (1991) Imports: $26.0 billion (c.i.f., 1992 est.) commodities: machinery and transport equipment, agricultural products, chemicals, petroleum, textiles partners: EC 72%, other developed countries 10.9% less developed countries 12.9%, US 3.4%

External debt: $16.9 billion (1992 est.)

Industrial production: growth rate 9.1% (1990); accounts for 40% of GDP

Electricity: 6,624,000 kW capacity; 26,400 million kWh produced, 2,520 kWh per capita (1992)

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

Agriculture: accounts for 6.1% of GDP and 20% of labor force; small, inefficient farms; imports more than half of food needs; major crops - grain, potatoes, olives, grapes; livestock sector - sheep, cattle, goats, poultry, meat, dairy products

Illicit drugs: increasingly important gateway country for Latin American cocaine entering the European market

Economic aid: US commitments, including Ex-Im (FY70-89), $1.8 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.2 billion

Currency: 1 Portuguese escudo (Esc)=100 centavos

Exchange rates: Portuguese escudos (Esc) per US$1 - 145.51 (January 1993), 135.00 (1992), 144.48 (1991), 142.55 (1990), 157.46 (1989), 143.95 (1988)

Fiscal year: calendar year