United States. Central Intelligence Agency

“ Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past decade, 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 member economies. Economic growth has been above the EU average for much of the past decade, but fell back in 2001-03. ”

“ A poor educational system, in particular, has been an obstacle to greater productivity and growth. Portugal has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a target for foreign direct investment. The coalition government faces tough choices in its attempts to boost Portugal's economic competitiveness and to keep the budget deficit within the 3% EU ceiling. ”

“ Imports - commodities: machinery and transport equipment, chemicals, petroleum, textiles, agricultural products Imports - partners: Spain 29.1%, Germany 14.7%, France 9.9%, Italy 6.4%, UK 4.9%, Netherlands 4.6% (2003) Reserves of foreign exchange & gold: $12.81 billion (2003) Debt - external: $250.7 billion (2003 est.) Economic aid - donor: ODA, $271 million (1995) Currency: euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries ”