g address is PSC 83, APO AE 09726); telephone [351] (1)
726-6600 or 6659, 8670, 8880; FAX [351] (1) 726-9109; there is a US
Consulate in Oporto and Ponta Delgada (Azores)
Flag:
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

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. The global slowdown and tight monetary policies to
counter inflation caused growth to slow in 1991, but it is likely to recover
in 1992.
GDP:
purchasing power equivalent - $87.3 billion, per capita $8,400; real growth
rate 2.7% (1991 est.)
Inflation rate (consumer prices):
12.0% (1991 est.)
Unemployment rate:
4.0% (1991 est.)
Budget:
revenues $27.0 billion; expenditures $33.9 billion, including capital
expenditures of $6.7 billion (1991 est.)
Exports:
$16.4 billion (f.o.b., 1990)
commodities:
cotton textiles, cork and paper products, canned fish, wine, timber and
timber products, resin, machinery, appliances
partners:
EC 74%, other developed countries 13.2%, US 4.8%
Imports:
$25.1 billion (c.i.f., 1990)
commodities:
machinery and transport equipment, agricultural products, chemicals,
petroleum, textiles
partners:
EC 69.1%, other developed countries 11.4% less developed countries 15.1%, US
3.9%
External debt:
$15.0 billion (1991 est.)
Industrial production:
growth rate 9.1% (1990); accounts for 40% of GDP
Electricity:
6,729,000 kW capacity; 16,000 million kWh produced, 1,530 kWh per capita
(1991)
Industries:
textiles and footwear; wood pulp, paper, and cork; metalworking; oil
refining; chemicals; fish canning; wine; tourism
Agriculture:
accounts for 6.1% of GDP and about 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
Illicit drugs:
increasingly import gateway country for Latin American cocaine entering the
European market
Economic aid:
US