Portuguese economy

Portugal has transformed into a well-diversified, service-based market economy after joining the European Economic Community in 1986. Over the past two decades, successive governments have privatized many state-owned companies and sectors. key sectors of the economy, including the financial sector and telecommunications. The country joined the European Monetary Union in 1998 and adopted the euro on January 1, 2002.

During the 1990s, Portuguese economic growth was above the European Union average, but fell between 2001 and 2008. Its gross domestic product is close to ⅔ of the EU average.

Agriculture

In 2018, Portugal was the ninth world producer of olives (740,000 tons), the 16th world producer of pears (162,000 tons), the 17th world producer of tomatoes (1.33 million tons) and the world's 20th largest producer of grapes (778,000 tons). The country also produced, in the same year, 713,000 tons of corn, 431,000 tons of potatoes, 344,000 tons of oranges, 267,000 tons of apples, 160,000 tons of rice, in addition to lower yields of other agricultural products such as cabbage (137,000 tons), onion (130,000 tons), carrot (108,000 tons), wheat (67,000 tons), melon (57,000 tons), oats (55,000 tons), etc. Some of Portugal's most famous products are olive oil, wine, and Portuguese pears.

Current situation

Under the conservative government of Pedro Passos Coelho (2011-2015), Portugal engages in an "austerity policy" aimed at reducing the public deficit and revitalizing the private sector: reduction of the minimum wage and retirement pensions, increase in taxes and reduction of state aid. However, the deficit remains at 4.4% of GDP, which generates threats of sanctions by the European Union, precariousness and poverty increase in the country.

Macroeconomic data

GDP (Gross Domestic Product)

• 2000: US$ 159,000 million (converted according to purchasing power parity). 173 000.8 million euros (type of conversion: 1 USD = 1,0882 € at 30/01/01)
• 2006: US$ 192 572 million (nominal GDP)

GDP per capita

Comparison of nominal per capita GDP in Spain, Portugal and Mexico during the centuryXX.based on World Population, GDP and per capita GDP.

(Converted according to purchasing power parity). Year 2000

• Year 2000: US$ 15,800

€17,193.56 (Conversion rate: 1 dollar = €1.0882 as of 01/30/01)

• Year 2005 19 730

GDP distribution by sectors

According to 2008 data:^{[citation required]}

• Agriculture: 4 %
• Industry: 25%
• Services: 71 %

GDP Growth

In 2000, GDP growth was estimated at 2.7%.^{[citation required]}

Inflation Rate

In 2000, the inflation rate was 2.8%.^{[citation required]}

Consolidated gross debt of public administrations (% of GDP)

• 2002: 55.5
• 2003: 57.0
• 2004: 58.7
• 2005: 63.9

Trade balance

Imports

• 2000: $41 billion, equivalent to €44 616.2 million
• 2005: 61 100 million USD

Exports

• 2000: 26 100 million USD or 28 402 million €
• 2005: 38 $100 million USD

Balance (exports-imports)

• 14 900 million USD or 16 214.18 million €

Economic data of the population

Employed population

• About five million, according to data from 2000.

Employed population by sector

According to 1999 data, the employment percentages by productive sectors were:

• Services: 60%
• Industry: 30%
• Agriculture: 10%

Unemployment rate

According to data from the European Union, the unemployment rate presented the following evolution between 2000 and 2005:

• 2000: 12.0 %
• 2002: 5.0 %
• 2003: 6.3 %
• 2004:
• 2005: 7.6%

Currency

Their previous currency was the Portuguese escudo; since January 1, 2002 it is the euro.

Portugal in the international context

Despite its degree of development, Portugal's low demographic weight means that its specific influence in the international context is less than that of other European powers. According to data from the World Bank, Portugal ranks 30th in the ranking of largest economies by GDP, and 24th place if the indicator we use is Per Capita Income. Portugal has one of the lowest birth rates in the world (less than one child per woman) which will cause imminent population loss if the trend is not corrected in the coming decades. According to Eurostat, Portuguese healthcare also has very positive indicators (267 doctors and 365 beds per 100,000 inhabitants). Despite this, Portugal is the European country with the highest ratio of deaths from HIV (155 people per 100,000 inhabitants). On the other hand, according to the World Economic Forum, Portugal is the 46th country in the world in the Global Competitiveness Index. The following table can analyze the socioeconomic context of Portugal based on data from the World Bank, Eurostat and the World Economic Forum:

Indicator	Value	Position in the world	Increase
Gross domestic product (nominal)	228 539 250 000 USD Source: World Bank (2020)	Richest countries in the world by GDP Portugal: 47th position	112 649 895 USD 936 in 2000 (incr: 102.9 %) Source: Evolution between 1960 and 2009
Surface	92 391 km2 Source: World Bank (2008)	The world's largest countries Portugal: 110.o	-
Population	10 297 080 inhabitants Source: World Bank (2020)	Most populous countries in the world Portugal: position 68.o	10,225,803 inhabitants in 2000 (incr: 4%) Source: Evolution between 1960 and 2009
CO2 emissions	5.5 tons Source: World Bank (2007)	Countries with higher CO2 emissions Portugal: 61st position	5,836 tons in 2000 (incr: -5,8%) Source: Evolution between 1960 and 2007
Per capita income	22 194 USD Source: World Bank (2020)	Countries with the largest Renta Per Capita Portugal: 39th position	11 600 USD in 2000 (incr: 97.5 %) Source: Evolution between 1962 and 2009
Birth rate	1 person Source: World Bank (2008)	Countries with highest birth (children per woman) Portugal: position 171.o	1,52 persons in 2000 (incr: -34.2 %) Source: Evolution between 1960 and 2008
% Internet users	42.1 % Source: World Bank (2008)	Countries with the highest rate of Internet users Portugal: 51st position	16.43 % in 2000 (incr: 156.2%) Source: Evolution between 1990 and 2008
Average days to create a company	6 days Source: World Bank (2009)	Faster countries for a company Portugal: post 151o	78 days in 2003 (incr: -92.3%) Source: Evolution between 2003 and 2009
Energy consumption per inhabitant	2363 kilograms Source: World Bank (2007)	Countries with increased energy consumption per capita Portugal: 50th position	2 473.16 kilograms in 2000 (incr: -4.5 per cent) Source: Evolution between 1960 and 2007
Land dedicated to agriculture	38.2 % Source: World Bank (2007)	Countries with more land devoted to agriculture Portugal: 105th position	41.86 % in 2000 (incr: -8.7 %) Source: Evolution from 1961 to 2007
Power consumed	4860 kilowatt-hour Source: World Bank (2007)	Countries with more electricity consumed Portugal: 39th position	4 013.96 kilowatt-hour in 2000 (incr: 21.1%) Source: Evolution between 1960 and 2007
Forest area	38 630 km2 Source: World Bank (2007)	Countries with greater forest area Portugal: 70th position	35 830 km2 in 2000 (incr: 7.8%) Source: Evolution between 1990 and 2007
Paved roads	86 % Source: World Bank (2004)	Countries with more paved roads Portugal: 42nd position	86% in 2000 (incr: 0%) Source: Evolution between 1994 and 2004
Life expectancy (women)	82.4 years Source: Eurostat (2008)	European countries sorted by highest life expectancy for women Portugal: 24th position	80.2 years in 2000 (incr: 3%) Source: Evolution from 1995 to 2008
Life expectancy (men)	76.2 years Source: Eurostat (2008)	European countries sorted by highest life expectancy for men Portugal: 17th position	73.2 years in 2000 (incr: 4%) Source: Evolution from 1995 to 2008
No. of cancer deaths	155.6 deceased population Source: Eurostat (2008)	European countries ordered by the number of deaths due to cancer Portugal: 20th position	161.3 persons in 2000 (incr: -3.5 per cent) Source: Evolution from 1995 to 2008
No. of HIV deaths	6.3 deceased population Source: Eurostat (2008)	European countries ordered by the number of HIV deaths Portugal: 1st position	8.9 persons in 2000 (incr: -29.2%) Source: Evolution from 1995 to 2008
No. of beds in hospitals	365.1 units/100 000 Source: Eurostat (2004)	European countries sorted by number of beds in hospitals Portugal: 29th position	381.6 units in 2000 (incr: -4.3 per cent) Source: Evolution between 1996 and 2004
N.o. of active doctors	267,8 doctors/100 000 Source: Eurostat (2004)	European countries sorted by number of active doctors Portugal: 17th position	263.5 units in 2000 (incr: 1.6%) Source: Evolution between 1996 and 2004
Global Competitiveness Index	4,376 units Source: World Economic Forum (2011)	Most competitive countries Portugal: 46th position	4,477 units in 2008 (incr: -2.3%) Source: Evolution between 2008 and 2011

Foreign trade

Imports

The merchandise with the greatest weight in Portugal's imports for the period 2010-until April 2015 is presented below. The figures are expressed in US dollars, FOB value.

Imports of Portugal for the period 2010-up to June 2015 expressed in USD value FOB.

Exports

The following are Portugal's main trading partners for the period 2010-April 2015. Most of its importers are in Europe except the United States and Angola. The figures expressed are in US dollars FOB value.

mmm

Exports from Portugal for the period 2010-up to June 2015 expressed in USD value FOB.