FAX: [351] (21) 726-9109
consulate(s): Ponta Delgada (Azores)
Flag description: two vertical bands of green (hoist side, two-fifths) and red (three-fifths) with the Portuguese coat of arms centered on the dividing line
Portugal Economy
Economy - overview: Portugal is an upcoming capitalist economy with a per capita GDP two-thirds that of the four big West European economies. 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. The year 2000 was marked by moderation in growth, inflation, and unemployment. The country continues to run a sizable trade deficit. The government is working to reform the tax system, to modernize capital plant, and to increase the country's competitiveness in the increasingly integrated world markets. Growth is expected to fall off slightly in 2001. Improvement in the education sector is critical to the long-run catch-up process.
GDP: purchasing power parity - $159 billion (2000 est.)
GDP - real growth rate: 2.7% (2000 est.)
GDP - per capita: purchasing power parity - $15,800 (2000 est.)
GDP - composition by sector: agriculture: 4%
industry: 36%