Economy of Portugal

Economy of Portugal

Parque das Nações (Lisbon)
Currency	1 euro = 100 eurocent
Fixed exchange rates	1 euro = 200.482 Portuguese escudo
Fiscal year	Calendar year
Trade organisations	EU, WTO and OECD
Statistics
GDP	$297.093 billion (PPP; 2016) $205.860 billion (nominal; 2016)
GDP rank	45th (nominal) / 49th (PPP)
GDP growth	1.4% (2016)
GDP per capita	$28,515 (PPP; 2016) $19,759 (nominal; 2016)
GDP by sector	agriculture: 2.4%; industry: 23.1%; services: 74.4% (2013)
Inflation (CPI)	0.5% (2015)
Population below poverty line	19% (2013)
Gini coefficient	34.2 (2013)
Labour force	5.2 million (Q4 2015)
Labour force by occupation	agriculture: 7.5%; industry: 24.5%; services: 68.1% (2015)
Unemployment	10.8% (Q2 2016)
Average net salary	€11,800 annual (2013)
Main industries	List textiles, clothing, footwear, wood and cork, paper, chemicals, auto-parts manufacturing, base metals, dairy products, wine and other foods, porcelain and ceramics, glassware, technology, telecommunications; ship construction and ; tourism, building materials
Ease-of-doing-business rank	25th (2017)
External
Exports	€74 billion (2015)
Export goods	List agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, optical and precision instruments
Main export partners	Spain 26.5%  France 13.2%  Germany 11.7%  United Kingdom 7.2%  USA 4.4%  Netherlands 3.7%  Italy 3.5%  Belgium 2.5%
Imports	€71 billion (2015)
Import goods	List agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semi-conductors and related devices, household goods, passenger cars new and used, wine products
Main import partners	Spain 32.5%  Germany 13.8%  France 8.0%  Italy 5.5%  Netherlands 5.1%  United Kingdom 3.2%  China 3.0%  Belgium 2.8%
FDI stock	€30 billion (2013)
Gross external debt	€0.4 trillion (Dec 2015)
Public finances
Public debt	129% of GDP (2015)
Budget deficit	€7.8 billion (4.5% of GDP in 2014)
Revenues	€74 billion (2014)
Expenses	€82 billion (2014)
Economic aid	donor: €364 million (2013)
Credit rating	Standard & Poor's: BB (Domestic) BB (Foreign) AAA (T&C Assessment) Outlook: Stable Moody's: Ba1 Outlook: Stable Fitch: BB+ Outlook: Positive ARC: BBB- Outlook: Stable
Foreign reserves	$20 billion (Aug 2014)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Portugal ranked 38th in the WEF's Global Competitiveness Report for 2015-2016. Portugal's ranking continuously fell from 2005 to 2013 (with the exception of 2011), but recovered from the 51st position in 2013 to the 36th in 2014.

The great majority of the international trade is done within the European Union (EU), whose countries received 72.8% of the Portuguese exports and were the origin of 76.5% of the Portuguese imports in 2015. Other regional groups that are significant trade partners of Portugal are the NAFTA (6.3% of the exports and 2% of the imports), the PALOP (5.7% of the exports and 2.5% of the imports), the Maghreb (3.7% of the exports and 1.3% of the imports) and the Mercosul (1.4% of the exports and 2.5% of the imports).

The Portuguese currency is the euro (€) and the country has been a part of the Eurozone since its inception. Portugal's central bank is the Banco de Portugal, which forms part of the European System of Central Banks, and the major is the Euronext Lisbon, which belongs to the NYSE Euronext, the first global stock exchange.

The Portuguese Economy has been steady, expanding continuously since the third quarter of 2014, with a yearly GDP growth of 1.5% registered in the second quarter of 2015. The economy growth has been accompanied by a continuous fall in the unemployment rate (11.9% in the second quarter of 2015, compared with 13.9% registered in the end of 2014). The Government budget deficit has also been reduced from the 11.2% of GDP in 2010 to 4.8% in 2014. These rates mark an inversion from the negative trends caused by the impact of the Financial Crisis of 2008 in the Portuguese Economy, that made it to shrink for three consecutives years (2011, 2012 and 2013), accompanied by a high increase of the unemployment rate (that achieved a record of 17.7% in the early 2013). The crisis has caused a wide range of domestic problems that are specifically related to the levels of public deficit, as well as the excessive debt levels, in the economy, culminating in the confirmation from Portugal to a €78 billion financial bailout from the EU in April 2011, following similar decisions from Greece and Ireland. The government that assumed office in June 2011 had to face tough choices in regard to its attempts to stimulate the economy while at the same time seeking to maintain its public deficit around the EU average.