Economy—overview: Portugal, in 1998, continued to see strong economic growth, falling interest rates, and low unemployment. The country qualified for the European Monetary Union (EMU) in 1998 and joined with 10 other European countries in launching the euro on 1 January 1999. Portugal's inflation rate for 1998, 2.8%, was low but higher than most of its European partners. The country continues to run a trade deficit and a balance of payments deficit. The government is working to modernize capital plant and increase the country's competitiveness in the increasingly integrated world markets. Growth is expected to slow to 3% in 1999 because of a slowdown in public investment and sluggish demand for exports.
GDP: purchasing power parity—$144.8 billion (1998 est.)
GDP—real growth rate: 4.2% (1998 est.)
GDP—per capita: purchasing power parity?$14,600 (1998 est.)
GDP—composition by sector: agriculture: 4% industry: 36% services: 60% (1998 est.)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 2.8% (1998 est.)
Labor force: 4.75 million (1998 est.)
Labor force—by occupation: services 56%, manufacturing 22%, agriculture, forestry, fisheries 12%, construction 9%, mining 1% (1998 est.)