Overview: During the past four years, the economy has made a sustained recovery from the severe recession of 1983-85. The economy grew by 4.7% in 1987, 4.1% in 1988, and 3.5% in 1989, largely because of strong domestic consumption and investment spending. Unemployment has declined for the third consecutive year, but inflation continues to be about three times the European Community average. The government is pushing economic restructuring and privatization measures in anticipation of the 1992 European Community timetable to form a single large market in Europe.

GDP: $72.1 billion, per capita $6,900; real growth rate 3.5% (1989 est.)

Inflation rate (consumer prices): 11.8% (1989 est.)

Unemployment rate: 5.9% (1989 est.)

Budget: revenues $19.0 billion; expenditures $22.2 billion, including capital expenditures of $3.1 billion (1989 est.)

Exports: $11.0 billion (f.o.b., 1988); commodities--cotton textiles, cork and cork products, canned fish, wine, timber and timber products, resin, machinery, appliances; partners--EC 72%, other developed countries 13%, US 6%

Imports: $17.7 billion (c.i.f., 1988); commodities--petroleum, cotton, foodgrains, industrial machinery, iron and steel, chemicals; partners--EC 67%, other developed countries 13%, less developed countries 15%, US 4%

External debt: $17.2 billion (1988)

Industrial production: growth rate 5.5% (1988)

Electricity: 6,729,000 kW capacity; 16,000 million kWh produced, 1,530 kWh per capita (1989)

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

Agriculture: accounts for 9% of GDP and 20% of labor force; 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

Aid: US commitments, including Ex-Im (FY70-88), $1.8 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $998 million

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

Exchange rates: Portuguese escudos (Esc) per US$1--149.15 (January 1990), 157.46 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Portugal Economy 1990 information contained here. All suggestions for corrections of any errors about Portugal Economy 1990 should be addressed to the CIA.