Overview: In 1987, Portugal's per capita GDP was among the lowest in Europe at $3,250. Industry employs about a third of the work force, producing 38% of GDP, and agriculture employs 22% of the work force and contributes 9% to GDP. Economic recovery began in mid-1985 after two years of recession and continued through 1987, when GDP posted a 5.0% increase. Inflation and unemployment rates also declined to single digit numbers for the first time in a decade. In 1987 record tourist and remittance earnings compensated for a trade deficit, enabling the balance of payments to show a surplus.

GDP: $33.5 billion, per capita $3,250; real growth rate 5.0% (1987)

Inflation rate (consumer prices): 9.3% (1987)

Unemployment rate: 7.9% (1987 est.)

Budget: revenues $8.0 billion; expenditures $11.1 billion, including capital expenditures of $1.5 billion (1987)

Exports: $9.2 billion (f.o.b., 1987); @m5commodities--cotton textiles, cork and cork products, canned fish, wine, timber and timber products, resin, machinery, appliances; @m5partners--EC 71%, other developed countries 14%, US 7%

Imports: $13.4 billion (c.i.f., 1987); @m5commodities--petroleum, cotton, foodgrains, industrial machinery, iron and steel, chemicals; @m5partners--EC 64%, other developed countries 14%, less developed countries 17%, US 5%

External debt: $18.24 billion (1987)

Industrial production: growth rate 3.4% (1987)

Electricity: 6,599,000 kW capacity; 15,555 million kWh produced, 1,500 kWh per capita (1988)

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

Agriculture: generally underdeveloped; grains, potatoes, olives, grapes for wine; deficit foods--sugar, grain, meat, fish, oilseed

Aid: US commitments, including Ex-Im (FY70-87), $1.7 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-86), $928 million

Currency: Portuguese escudo (plural--escudos); 1 Portuguese escudo (Esc) = 100 centavos

Exchange rates: Portuguese escudos (Esc) per US$1--150.28 (January 1989), 143.95 (1988), 140.88 (1987), 149.59 (1986), 170.39 (1985)

Fiscal year: calendar year

NOTE: The information regarding Portugal on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Portugal Economy 1989 information contained here. All suggestions for corrections of any errors about Portugal Economy 1989 should be addressed to the CIA.