hrough 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.
National product:
GDP - purchasing power equivalent - $93.7 billion (1992)
National product real growth rate:
1.1% (1992)
National product per capita:
$9,000 (1992)
Inflation rate (consumer prices):
9% (1992)
Unemployment rate:
5% (1992)
Budget:
revenues $27.3 billion; expenditures $33.2 billion, including capital
expenditures of $4.5 billion (1991)
Exports:
$16.3 billion (f.o.b., 1992 est.)
commodities:
cotton textiles, cork and paper products, canned fish, wine, timber and
timber products, resin, machinery, appliances
partners:
EC 75.4%, other developed countries 12.4%, US 3.8% (1991)
Imports:
$26.0 billion (c.i.f., 1992 est.)
commodities:
machinery and transport equipment, agricultural products, chemicals,
petroleum, textiles
partners:
EC 72%, other developed countries 10.9% less developed countries 12.9%, US
3.4%
External debt:
$16.9 billion (1992 est.)
Industrial production:
growth rate 9.1% (1990); accounts for 40% of GDP
Electricity:
6,624,000 kW capacity; 26,400 million kWh produced, 2,520 kWh per capita
(1992)
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 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 important gateway country for Latin American cocaine entering
the European market
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

*Portugal, Economy

Currency:
1 Portuguese escudo (Esc) = 100 centavos
Exchange rates:
Portuguese escudos (Esc) per US$1 - 145.51 (January 1993), 135.00 (1992),
144.48 (1991), 142