Economy - overview:
Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country joined the Economic and Monetary Union (EMU) in 1999 and began circulating the euro on 1 January 2002 along with 11 other EU members.The economy grew by more than the EU average for much of the 1990s, but the rate of growth slowed in 2001-08. The economy contracted in 2009, and fell again from 2011 to 2014, as the government implemented spending cuts and tax increases to comply with conditions of an EU-IMF financial rescue package, signed in May 2011. A modest recovery began in 2013 and gathered steam in in 2014 due to strong export performance and a rebound in private consumption. Although austerity measures were instituted to reduce the large budget deficit, they contributed to record unemployment and a wave of emigration not seen since the 1960s.A continued reduction in private- and public-sector debt could weigh on consumption and investment in 2016, holding back a stronger recovery. The prior center-right government passed legislation aimed at reducing labor market rigidity, and, this, along with sustained fiscal discipline, could make Portugal more attractive to foreign direct investment. During this time, the budget deficit fell from 11.2% of GDP in 2010 to 3.5% in 2015, reaching the EU-IMF target of 4%, but still above its EU fiscal obligations, under the excessive deficit procedure. EU-IMF financing expired in May 2014. The new center-left Socialist government, however, has signaled that it will unwind spending cuts associated with austerity while remaining within EU fiscal targets.

GDP (purchasing power parity):
$288.6 billion (2015 est.) $284.1 billion (2014 est.) $281.6 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 54
[see also: GDP country ranks ]

GDP (official exchange rate):
$197.5 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.6% (2015 est.) 0.9% (2014 est.) -1.6% (2013 est.)
country comparison to the world: 159
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$27,800 (2015 est.) $27,300 (2014 est.) $27,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 66
[see also: GDP - per capita country ranks ]

Gross national saving:
15.4% of GDP (2015 est.) 15.4% of GDP (2014 est.) 15% of GDP (2013 est.)
country comparison to the world: 116
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 15.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 41.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -41.7% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 76.1% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish

Industries:
textiles, clothing, footwear, wood and cork, paper and pulp, chemicals, lubricants, automobiles and auto parts, base metals, minerals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine, other foodstuffs; ship construction and refurbishment; tourism, plastics, financial services, optics

Industrial production growth rate:
2% (2015 est.)
country comparison to the world: 112
[see also: Industrial production growth rate country ranks ]

Labor force:
5.223 million (2015 est.)
country comparison to the world: 77
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 8.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.6% (2015 est.) 13.9% (2014 est.)
country comparison to the world: 136
[see also: Unemployment rate country ranks ]

Population below poverty line:
18.7% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.4% (1995 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
34.2 (2013 est.) 34.2 (2012 est.)
country comparison to the world: 96
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $89.94 billion
[see also: Budget revenues country ranks ]
expenditures: $96.84 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
45.5% of GDP (2015 est.)
country comparison to the world: 23
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.5% of GDP (2015 est.)
country comparison to the world: 132
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
129% of GDP (2015 est.) 130.2% of GDP (2014 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 6
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.6% (2015 est.) -0.2% (2014 est.)
country comparison to the world: 56
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2014) 0.25% (31 December 2013)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 147
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.1% (31 December 2015 est.) 5.3% (31 December 2014 est.)
country comparison to the world: 145
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$61.64 billion (31 December 2015 est.) $66.76 billion (31 December 2014 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 48
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$296.1 billion (31 December 2014 est.) $316.2 billion (31 December 2013 est.)
country comparison to the world: 34
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$335.8 billion (31 December 2015 est.) $366.2 billion (31 December 2014 est.)
country comparison to the world: 36
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$126.8 billion (31 December 2014 est.) $57.04 billion (31 December 2013) $65.53 billion (31 December 2012 est.)
country comparison to the world: 40
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$1.364 billion (2015 est.) $1.268 billion (2014 est.)
country comparison to the world: 35
[see also: Current account balance country ranks ]

Exports:
$57.2 billion (2015 est.) $62.92 billion (2014 est.)
country comparison to the world: 46
[see also: Exports country ranks ]

Exports - commodities:
agricultural products, foodstuffs, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools, base metals

Exports - partners:
Spain 23.7%, France 11.8%, Germany 11.8%, Angola 6.5%, UK 6.1%, US 4.2%, Netherlands 4% (2014)

Imports:
$66.44 billion (2015 est.) $74.81 billion (2014 est.)
country comparison to the world: 41
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, chemical products, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semiconductors and related devices, oil products, base metals, food products, textile materials

Imports - partners:
Spain 32.6%, Germany 12.4%, France 7.1%, Italy 5.3%, Netherlands 5.1% (2014)

Reserves of foreign exchange and gold:
$19.62 billion (31 December 2014 est.) $17.55 billion (31 December 2013 est.)
country comparison to the world: 59
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$493.7 billion (31 December 2014 est.) $531.6 billion (31 December 2013 est.)
country comparison to the world: 27
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$169.1 billion (31 December 2015 est.) $157.3 billion (31 December 2014 est.)
country comparison to the world: 32
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$99.55 billion (31 December 2015 est.) $99.55 billion (31 December 2014 est.)
country comparison to the world: 32
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.89 (2015 est.) 0.75 (2014 est.) 0.76 (2013 est.) 0.78 (2012 est.) 0.72 (2011 est.)