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Following its heyday as a global maritime power during the 15th and 16th centuries, Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of its wealthiest colony of Brazil in 1822. A 1910 revolution deposed the monarchy; for most of the next six decades, repressive governments ran the country. In 1974, a left-wing military coup installed broad democratic reforms. The following year, Portugal granted independence to all of its African colonies. Portugal is a founding member of NATO and entered the EC (now the EU) in 1986. In January 2011, Portugal assumed a nonpermanent seat on the UN Security Council for the 2011-12 term.


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Economy

Economy - overview
Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the past two decades, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country qualified for the Economic and Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002 along with 11 other EU members. The economy had grown by more than the EU average for much of the 1990s, but fell back in 2001-08, and contracted 2.5% in 2009, before growing 1.3% in 2010. But GDP fell again in 2011, as the government implemented austerity measures, including a 5% public salary cut, a 2% increase in the value-added tax, and an extraordinary tax on yearend bonuses to comply with conditions of an EU-IMF financial rescue package agreed to in May 2011. GDP per capita stands at roughly two-thirds of the EU-27 average. A rigid labor market has been an obstacle to greater productivity and growth. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment. Portugal's low competitiveness, low growth prospects, and high levels of public debt have made it vulnerable to bond market turbulence. The government reduced the budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made possible only by the extraordinary revenues obtained from the one-time transfer of bank pension funds to the social security system. Investors, however, continue to express concern about the government's ability to achieve future budget deficit targets and obtain foreign financing to cover its sovereign debt obligations when the EU-IMF financing program expires in 2013. Without the option for stimulus measures, the government is focusing instead on boosting exports and implementing labor market and other structural reforms to try to raise GDP growth and increase Portugal's competitiveness - which, over time, may help mitigate investor concerns.

Gdp (purchasing power parity) World Ranking: 51
$252.2 billion (2011 est.)
$255.9 billion (2010 est.)
$252.4 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$238.9 billion (2011 est.)

Gdp - real growth rate World Ranking: 207
-1.5% (2011 est.)
1.4% (2010 est.)
-2.9% (2009 est.)

Gdp - per capita (ppp) World Ranking: 57
$23,700 (2011 est.)
$24,100 (2010 est.)
$23,800 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 2.5%
Industry 22.8%
Services 74.7% (2011 est.)

Labor force World Ranking: 71
5.543 million (2011 est.)

Labor force - by occupation
Agriculture 11.7%
Industry 28.5%
Services 59.8% (2009 est.)

Unemployment rate World Ranking: 132
12.7% (2011 est.)
10.8% (2010 est.)

Population below poverty line
18% (2006)

Household income or consumption by percentage share
Lowest 10% 3.1%
Highest 10% 28.4% (1995 est.)

Distribution of family income - gini index World Ranking: 71
38.5 (2007)
35.6 (1995)

Investment (gross fixed) World Ranking: 118
18% of GDP (2011 est.)

Budget
Revenues $110.8 billion
Expenditures $120.2 billion (2011 est.)

Taxes and other revenues World Ranking: 29
46.4% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 131
-4% of GDP (2011 est.)

Public debt World Ranking: 11
112.8% of GDP (2011 est.)
93.3% of GDP (2010 est.)
Note
Data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

Inflation rate (consumer prices) World Ranking: 86
3.7% (2011 est.)
1.4% (2010 est.)

Central bank discount rate World Ranking: 116
1.75% (31 December 2011)
1.75% (31 December 2010)
Note
This is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate World Ranking: 165
5.7% (31 December 2011 est.)
4.225% (31 December 2010 est.)

Stock of narrow money World Ranking: 38
$89.42 billion (31 December 2011 est.)
$95.9 billion (31 December 2010 est.)
Note
See entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders

Stock of broad money World Ranking: 28
$345.7 billion (31 December 2011 est.)
$319.4 billion (31 December 2010 est.)

Stock of domestic credit World Ranking: 26
$556.3 billion (31 December 2009 est.)
$490.8 billion (31 December 2008 est.)

Market value of publicly traded shares World Ranking: 46
$61.69 billion (31 December 2011)
$82 billion (31 December 2010)
$98.65 billion (31 December 2009)

Agriculture - products
Grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish

Industries
Textiles, clothing, footwear, wood and cork, paper, chemicals, auto-parts manufacturing, base metals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine and other foods; ship construction and refurbishment; tourism

Industrial production growth rate World Ranking: 154
-2% (2011 est.)

Electricity - production World Ranking: 51
46.53 billion kWh (2009 est.)

Electricity - consumption World Ranking: 47
48.27 billion kWh (2008 est.)

Electricity - exports
2.822 billion kWh (2009 est.)

Electricity - imports
4.776 billion kWh (2009 est.)

Oil - production World Ranking: 97
4,721 bbl/day (2010 est.)

Oil - consumption World Ranking: 49
277,400 bbl/day (2010 est.)

Oil - exports World Ranking: 78
49,650 bbl/day (2009 est.)

Oil - imports World Ranking: 36
294,600 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 178
0 bbl (1 January 2011 est.)

Natural gas - production World Ranking: 112
0 cu m (2010 est.)

Natural gas - consumption World Ranking: 59
5.161 billion cu m (2010 est.)

Natural gas - exports World Ranking: 162
0 cu m (2010 est.)

Natural gas - imports World Ranking: 33
5.122 billion cu m (2010 est.)

Natural gas - proved reserves World Ranking: 115
0 cu m (1 January 2011 est.)

Current account balance World Ranking: 179
-$15.1 billion (2011 est.)
-$22.85 billion (2010 est.)

Exports World Ranking: 57
$55.8 billion (2011 est.)
$48.91 billion (2010 est.)

Exports - commodities
Agricultural products, food products, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools, base metals

Exports - partners
Spain 25.1%, Germany 13.7%, France 12.1%, Angola 5.5%, UK 5.1% (2011)

Imports World Ranking: 40
$77.25 billion (2011 est.)
$73.02 billion (2010 est.)

Imports - commodities
Agricultural products, chemical products, vehicles and other transport material, and optical and precision instruments, computer accessories and parts, semi-conductors and related devices, oil products, base metals, food products, textile materials

Imports - partners
Spain 31.7%, Germany 12.4%, France 6.9%, Italy 5.4%, Netherlands 4.8% (2011)

Reserves of foreign exchange and gold World Ranking: 56
$21.34 billion (31 December 2011 est.)
$21 billion (31 December 2010 est.)

Debt - external World Ranking: 24
$548.3 billion (30 June 2011)
$497.8 billion (30 June 2010)

Stock of direct foreign investment - at home World Ranking: 33
$109.8 billion (31 December 2011 est.)
$110.2 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad World Ranking: 31
$64.25 billion (31 December 2011 est.)
$64.25 billion (31 December 2010 est.)

Exchange rates
Euros (EUR) per US dollar -
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.)

Fiscal year
Calendar year


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  Portugal (Lisbon):


  GPS points from Portugal (Lisbon)

Ramalha Distrito De Leiria

Cotimos Distrito Da Guarda

Monte Das Espadas Distrito De Portalegre


Melecas Lisboa

A Da Rainha Lisbon

Serra Do Luzim Distrito De Leiria

Corte Paral Distrito De Faro




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