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1994-05-02
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<text>
<title>
Portugal: Economy
</title>
<article><hdr>The World Factbook 1993: Portugal
Economy</hdr><body>
<p>Overview: Although Portugal has experienced strong growth
since joining the EC in 1986 - at least 4% each year through
1990 - it remains one of the poorest members. To prepare for the
European single market, the government is restructuring and
modernizing the economy and in 1989 embarked on a major
privatization program. As of 1 January 1993, Lisbon has fully
liberalized its capital markets and most trade markets. The
global slowdown and tight monetary policies to counter inflation
caused growth to slow in 1991 and 1992. Growth probably will
remain depressed in 1993, but should pick up again in 1994.
</p>
<p>National product: GDP - purchasing power equivalent - $93.7
billion (1992)
</p>
<p>National product real growth rate: 1.1% (1992)
</p>
<p>National product per capita: $9,000 (1992)
</p>
<p>Inflation rate (consumer prices): 9% (1992)
</p>
<p>Unemployment rate: 5% (1992)
</p>
<p>Budget: revenues $27.3 billion; expenditures $33.2 billion,
including capital expenditures of $4.5 billion (1991)
</p>
<list>
<l>Exports: $16.3 billion (f.o.b., 1992 est.)</l>
<l> commodities: cotton textiles, cork and paper products,
canned fish, wine, timber and timber products, resin, machinery,
appliances</l>
<l> partners: EC 75.4%, other developed countries 12.4%, US 3.8%
(1991)</l>
<l>Imports: $26.0 billion (c.i.f., 1992 est.)</l>
<l> commodities: machinery and transport equipment,
agricultural products, chemicals, petroleum, textiles</l>
<l> partners: EC 72%, other developed countries 10.9% less
developed countries 12.9%, US 3.4%</l>
</list>
<p>External debt: $16.9 billion (1992 est.)
</p>
<p>Industrial production: growth rate 9.1% (1990); accounts for
40% of GDP
</p>
<p>Electricity: 6,624,000 kW capacity; 26,400 million kWh
produced, 2,520 kWh per capita (1992)
</p>
<p>Industries: textiles and footwear; wood pulp, paper, and cork;
metalworking; oil refining; chemicals; fish canning; wine;
tourism
</p>
<p>Agriculture: accounts for 6.1% 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
</p>
<p>Illicit drugs: increasingly important gateway country for
Latin American cocaine entering the European market
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-89), $1.8
billion; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $1.2 billion
</p>
<p>Currency: 1 Portuguese escudo (Esc)=100 centavos
</p>
<p>Exchange rates: Portuguese escudos (Esc) per US$1 - 145.51
(January 1993), 135.00 (1992), 144.48 (1991), 142.55 (1990),
157.46 (1989), 143.95 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>