Portugal Oil production Portugal Electricity production

Portugal Economy

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 had been above the eu average for much of the past decade. but fell back in 2001-05. gdp per capita stands at two-thirds that of the big four 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 government faces tough choices in its attempts to boost portugal's economic competitiveness while keeping the budget deficit within the eurozone's 3%-of-gdp ceiling.

GDP (purchasing power parity) : $194.8 billion (2005 est.)

Inflation rate: 2.4% (2005 est.)

Labor force : 5.52 million (2005 est.)

Industries: textiles and footwear; wood pulp. paper. and cork; metals and metalworking; oil refining; chemicals; fish canning; rubber and plastic products; ceramics; electronics and communications equipment; rail transportation equipment; aerospace equipment; ship construction and refurbishment; wine; tourism

Portugal

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Portugal More Facts

Electricity - production: 44.32 billion kwh (2003)

Oil - production: 3.745 bbl/day (2003 est.)

Portugal More Facts

Exports: $38.8 billion f.o.b. (2005 est.)

Imports : $60.35 billion f.o.b. (2005 est.)
Currency (code) : 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