Portugal’s economy in facts and figures

Herewith key facts and figures for Portugal, which had to be bailed out by the EU and International Monetary Fund in May 2011 with a package worth 78 billion euros:

EUROZONE ENTRY: Portugal is one of the founding states of the European Economic and Monetary Union (EMU) set up in 1999 ahead of the circulation of the euro currency from January 1, 2002.

PUBLIC DEBT: The total, accumulated public debt stood at 161.2 billion euros in 2010, equal to 93.3 percent of Gross Domestic Product (source: Eurostat). In 2011, the public debt is expected to rise to 101.6 percent of GDP, increasing further to 111 percent in 2012 (European Commission).

PUBLIC DEFICIT: The annual public deficit — the shortfall between revenues and spending — was 9.8 percent of GDP in 2010 (Eurostat). As a result of tough austerity measures, the deficit is forecast to fall to 5.8 percent in 2011, 4.55 percent in 2012 and 3.2 percent 2013 (European Commission).

GROSS DOMESTIC PRODUCT: 171.8 billion euros in 2011 (Eurostat). The economy is expected to shrink 3.0 percent in 2012 and then grow 1.1 percent in 2013 (European Commission).

PER CAPITA GDP: 14,800 euros in 2010 (Eurostat).

ECONOMY: The Portuguese economy is one of the smallest of the 17 eurozone nations, accounting for just 2.0 percent of the bloc’s economic output. The country has modernised rapidly since the end of military rule in 1974 but growth has been slow since adoption of the euro. The services sector — mainly tourism — provides more than 60 percent of all jobs, with industry another 28 percent. Weak growth has made managing the economy difficult, leading to large external deficits. Portugal was bailed out by the EU and IMF, after Greece and Ireland, but had to adopt very unpopular austerity measures to cut spending and hike taxes.

AVERAGE MONTHLY SALARY: 778 euros net of all deductions in 2010 (INE, national statistics agency)

INFLATION: 3.7 percent in 2011 (INE national statistics institute); 3.0 percent in 2012 (European Commission)

UNEMPLOYMENT: 12.6 percent in 2011, 13.6 percent in 2012 (European Commission)

CREDIT RATINGS: Standard & Poor’s downgraded Portugal’s rating by two notches on January 13 to BB with a negative outlook. It was the last of the top three ratings agencies to drop Portugal to a non-investment grade or ‘junk’ rating. Moody’s rates Portugal at Ba2 and Fitch at BB+.

POPULATION: 10.5 million in 2011 (INE)

CAPITAL: Lisbon

OFFICIAL LANGUAGE: Portuguese

POLITICAL INSTITUTIONS:

The president and head of state is Anal Cavaco Silva, re-elected in January 2011, who belongs to the centre-right Social Democratic Party (PSD).

Prime minister since June 2011 is Pedro Passau Coho of the PSD, who heads a coalition government with the conservation CDS party.

Finance Minister is Vitor Gaspar, an independent.

The next parliamentary elections are due in late 2015.

INTERNET SITES:

– http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/themes

– http://ec.europa.eu/economy_finance/eu/countries/portugal_en.htm

– http://www.ine.pt