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Portugal Economy 1996

Overview:

Portugal's economy contracted 0.4% in 1993 but registered a 1.4% growth in 1994, with 3% growth expected in 1995 and 1996. This comeback rests on high levels of public investment, continuing strong export growth, and a gradual recovery in consumer spending. The government's long-run economic goal is the modernization of Portuguese markets, industry, infrastructure, and work force in order to catch up with productivity and income levels of the more advanced EU countries. Per capita income now equals only 55% of the EU average. Economic policy in 1994 focused on reducing inflationary pressures by lowering the fiscal deficit, maintaining a stable escudo, moderating wage increases, and encouraging increased competition. The government's medium-term objective is to be in the first tier of the EU countries eligible to join the economic and monetary union (EMU) as early as 1997. To this end, the 1995 budget posits a cut in total deficit to 5.8% of GDP.

National product:

GDP - purchasing power parity - $107.3 billion (1994 est.)

National product real growth rate:

1.4% (1994 est.)

National product per capita:

$10,190 (1994 est.)

Inflation rate (consumer prices):

6.1% (May 1994)

Unemployment rate:

6.7% (May 1994)

Budget:

revenues:

$31 billion

expenditures:

$41 billion, including capital expenditures of $NA (1994)

Exports:

$15.4 billion (f.o.b., 1993)

commodities:

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

partners:

EU 75.5%, other developed countries 12.4%, US 4.3% (1994)

Imports:

$24.3 billion (c.i.f., 1993)

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:

$20 billion (1993 est.)

Industrial production:

growth rate 1.5% (1994 est.); accounts for 30.6% of GDP

Electricity:

capacity:

8,220,000 kW

production:

29.5 billion kWh

consumption per capita:

2,642 kWh (1993)

Industries:

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

Agriculture:

accounts for 5% of GDP; 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; transshipment point for hashish from North Africa to Europe

Economic aid:

recipient:

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 - 158.02 (January 1995), 165.99 (1994), 160.80 (1993), 135.00 (1992), 144.48 (1991), 142.55 (1990)

Fiscal year:

calendar year

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