Economy (Portugal)
==================


     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. The global slowdown and tight monetary policies to
         counter inflation caused growth to slow in 1991, but it is likely to recover
         in 1992.
     GDP:
         purchasing power equivalent - $87.3 billion, per capita $8,400; real growth
         rate 2.7% (1991 est.)
     Inflation rate (consumer prices):
         12.0% (1991 est.)
     Unemployment rate:
         4.0% (1991 est.)
     Budget:
         revenues $27.0 billion; expenditures $33.9 billion, including capital
         expenditures of $6.7 billion (1991 est.)
     Exports:
         $16.4 billion (f.o.b., 1990)
       commodities:
         cotton textiles, cork and paper products, canned fish, wine, timber and
         timber products, resin, machinery, appliances
       partners:
         EC 74%, other developed countries 13.2%, US 4.8%
     Imports:
         $25.1 billion (c.i.f., 1990)
       commodities:
         machinery and transport equipment, agricultural products, chemicals,
         petroleum, textiles
       partners:
         EC 69.1%, other developed countries 11.4% less developed countries 15.1%, US
         3.9%
     External debt:
         $15.0 billion (1991 est.)
     Industrial production:
         growth rate 9.1% (1990); accounts for 40% of GDP
     Electricity:
         6,729,000 kW capacity; 16,000 million kWh produced, 1,530 kWh per capita
         (1991)
     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 about 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 import 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:
         Portuguese escudo (plural - escudos); 1 Portuguese escudo (Esc) = 100
         centavos