Portugal is an upcoming capitalist economy with a
per capita GDP two-thirds that of the four big West European
economies. In 1999, it continued to enjoy sturdy economic growth,
falling interest rates, and low unemployment. The country qualified
for the European Monetary Union (EMU) in 1998 and joined with 10 other
European countries in launching the euro on 1 January 1999. Portugal's
inflation rate for 1999, 2.4%, was comfortably low. The country
continues to run a trade deficit and a balance of payments deficit.
The government is working to modernize capital plant and increase the
country's competitiveness in the increasingly integrated world
markets. Growth is expected to remain stable in 2000 as the economic
integration of Europe proceeds. Improvement in the education sector is
critical to the catch-up process.

purchasing power parity - $151.4 billion (1999 est.)

3.2% (1999 est.)

purchasing power parity - $15,300 (1999 est.)

agriculture: 4%
industry: 36%
services: 60% (1999 est.)

NA%

lowest 10%: NA%
highest 10%: NA%

2.4% (1999 est.)

4.75 million (1998 est.)

services 60%, industry 30%, agriculture
10% (1999 est.)

4.6% (1999 est.)

revenues: $48 billion
expenditures: $52 billion, including capital expenditures of $7.4
billion (1996 est.)

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

2.9% (1999 est.)

38.581 billion kWh (1998)

fossil fuel: 63.14%
hydro: 33.46%
nuclear: 0%
other: 3.4% (1998)

36.18 billion kWh (1998)

3.7 billion kWh (1998)

4 billion kWh (1998)

grain, potatoes, olives, grapes; sheep,
cattle, goats, poultry, beef, dairy products

$25 billion (f.o.b., 1998)

clothing and footwear, machinery, chemicals,
cork and paper products, hides

EU 82% (Germany 20%, Spain 16%, France 14%, UK 12%
Netherlands 5%, Benelux 5%, Italy), US 5% (1998)

$34.9 billion (f.o.b., 1998)

machinery and transport equipment, chemicals,
petroleum, textiles, agricultural products

EU 77% (Spain 24%, Germany 15%, France 11%, Italy
8%, UK 7%, Netherlands 5%), US, Japan (1998)

$13.1 billion (1997 est.)

ODA, $271 million (1995)

1 Portuguese escudo (Esc) = 100 centavos

euros per US$1 - 0.9867 (January 2000), 0.9386 (1999);
Portuguese escudos (Esc) per US$1 - 172.78 (January 1999), 180.10
(1998), 175.31 (1997), 154.24 (1996), 151.11 (1995)
note: on 1 January 1999, the EU introduced a common currency that is
now being used by financial institutions in some member countries at a
fixed rate of 200.482 escudos per euro; the euro will replace the
local currency in consenting countries for all transactions in 2002

calendar year