Country Report


Background


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.


Geography


Area and geographical features

Mainland area: 92,090 km² - of which 91,470 km² is land and 620 km² water. (Includes Azores and Madeira Islands).


Situated on the South Western side of the Iberian Peninsula, Spain is Portugal's only neighbour.


Main rivers are the Tagus (Lisbon) and the Douro (Porto).
The island of Madeira lies about 800 km South West of Lisbon.
Continental Portugal is mountainous north of the Tagus River with plains to the south. Portugal's highest mountain is Mt Pico, located on the Azores. The nine islands of the Azores are scattered over an area of approximately 1,000 km² about 1200 km west of Lisbon in the Atlantic Ocean.


Location: South Western Europe, bordering the North Atlantic Ocean, west of Spain
Geographic coordinates: 39 30 N, 8 00 W
Map references: Europe


Areas:
Total: 92,090 km²
Land: 91,470 km²
Water: 620 km²
(Note: includes Azores and Madeira Islands)


Land boundaries: total: 1,214 km
Border countries: Spain 1,214 km
Coastline: 1,793 km


Maritime claims:
Contiguous zone: 24 NM
Continental shelf: 200-m depth or to the depth of exploitation
Exclusive economic zone: 200 NM (370 km)
Territorial sea: 12 NM (22 km)


Climate: Maritime temperate; cool and rainy in north, warmer and drier in south
Terrain: Mountainous north of the Tagus River, rolling plains in south


Elevation extremes:
Lowest point: Atlantic Ocean 0 m
Highest point: Ponta do Pico (Pico or Pico Alto) on Ilha do Pico in the Azores 2,351 m


Natural resources: Fish, Forests (cork), Iron ore, Copper, Zinc, Tin, Tungsten, Silver, Gold, Uranium, Marble, Clay, Gypsum, Salt, Arable land, Hydropower and Eolic Power


Land use:
Arable land: 11.88%
Permanent crops: 7.71%
Other: 80.41% (2011)


Irrigated land: 5,837 km² (2007 est.)


Total renewable water resources: 68.7 cu km (2011)


Freshwater withdrawal (domestic/industrial/agricultural):
total: 8.46 cu km/yr (12%/18%/69%)
per capita: 812 cu m/yr (2005)


Natural hazards: Azores subject to severe earthquakes. Wild fires.
Volcanism: Portugal experiences limited volcanic activity in the Azores Islands; Fayal or Faial (elev. 1,043 m, 3,422 ft) last erupted in 1958; most volcanoes have not erupted in centuries; historically active volcanoes include Agua de Pau, Furnas, Pico, Picos Volcanic System, San Jorge, Sete Cidades, and Terceira.


Environment - current issues:soil erosion; air pollution caused by industrial and vehicle emissions; water pollution, especially in coastal areas


Environment - international agreements:
party to:
Air Pollution, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: Air Pollution-Persistent Organic Pollutants, Air Pollution-Volatile Organic Compounds, Environmental Modification


Geography - note: Azores and Madeira Islands occupy strategic locations along western sea approaches to Strait of Gibraltar


Source: CIA World Fact Book

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People

Population: 10,813,834 (July 2014 est.)


Age structure:

0-14 years: 15.9% (male 893,902/female 821,062)
15-24 years: 11.4% (male 654,102/female 579,440)
25-54 years: 42.2% (male 2,304,503/female 2,260,556)
55-64 years: 11.9% (male 599,380/female 685,279)
65 years and over: 18.4% (male 824,062/female 1,191,548) (2014 est.)


Median age:
total: 41 years
male: 39 years
female: 43.3 years (2014 est.)


Population growth rate: 0.12% (2014 est.)
Birth rate: 9.42 births/1,000 population (2014 est.)
Death rate: 10.97 deaths/1,000 population (2014 est.)
Net migration rate: 2.74 migrant(s)/1,000 population (2014 est.)


Sex ratio:
At birth: 1.07 male(s)/female
Under 15 years: 1.09 male(s)/female
15-24 years: 1.13 male(s)/female
25-54 years: 1.02 male(s)/female
55-64 years: 0.95 male(s)/female
65 years and over: 0.69 male(s)/female
Total population: 0.95 male(s)/female)(2014 est.)


Maternal mortality rate:
8 deaths/100,000 live births (2010)



Infant mortality rate:
total: 4.48 deaths/1,000 live births
male: 4.92 deaths/1,000 live births
female: 4.02 deaths/1,000 live births (2014 est.)


Life expectancy at birth:
Total population: 79.01 years
Male: 75.76 years
Female: 82.47 years (2014 est.)


Total fertility rate: 1.52 children born/woman (2014 est.)


Health expenditures: 11% of GDP (2010)


Physicians density: 3.76 physicians/1,000 population (2009)


Hospital bed density: 3.3 beds/1,000 population (2009)


Drinking water source:
improved:
urban: 99% of population
rural: 100% of population
total: 99% of population
unimproved:
urban: 1% of population
rural: 0% of population
total: 1% of population (2010 est.)


Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population (2010 est.)


HIV/AIDS - adult prevalence rate: 0.6% (2009 est.)
HIV/AIDS - people living with HIV/AIDS: 42,000 (2009 est.)
HIV/AIDS - deaths: Fewer than 500 (2009 est.)


Obesity - adult prevalence rate: 24% (2008)


Nationality:
Noun: Portuguese (singular and plural)
Adjective: Portuguese


Ethnic groups: homogeneous Mediterranean stock; citizens of black African descent who immigrated to mainland during decolonization number less than 100,000, since 1990 East Europeans have entered Portugal


Religions: Roman Catholic 84.5%, other Christian 2.2%, other 0.3%, unknown 9%, none 3.9% (2001 census)


Languages: Portuguese and Mirandes (officially recognised and is part of the school curriculum in the county of Miranda de Douro, eventhough this dialect is not commonly used there are projects for the revival of he historic language


Education expenditures: 5.8% of GDP (2009)


Literacy:
Definition: age 15 and over can read and write
Total population: 95.2%
Male: 96.9%
Female: 93.6% (2010 est.)


School life expectancy (primary to tertiary education):
total: 16 years
male: 16 years
female: 16 years (2008)


Unemployment, youth ages 15-24:
total: 30.1%
male: 28.7%
female: 31.7% (2011)


Standard of living: The standard of living in Portugal is still relatively low in comparison with some of its fellow EU members although recently Portugal has begun to make real progress in this area. GDP per capita in 2010 was $23,113 (IMF 2010). The minimum wage (monthly) is 475 euros. The average monthly wage is 894 euros (GEP 2008).


Business Hours: Most businesses are open from 9:00 a.m. to 6:00 p.m.


Public Holidays
Portugal has 13 national holidays and 1 local holiday each year. Public holidays falling on Saturday or Sunday are not made up during the week. The national holidays designated for 2011 and 2012 are listed below. Dates in italics vary from year to year.

2013
2014
New Year's Day
1 January
1 January
Carnival Day
12 February
4 March
Good Friday
29 March
18 April
Easter
31 March
20 April
Liberation Day
25 April
25 April
Labour Day
1 May
1 May
National Day
10 June
10 June
Ascension Day
15 August
15 August
Immaculate Conception Day
8 December
8 December
Christmas Day
25 December
25 December

Source: CIA World Fact Book

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Government


History & Political situation: Portugal was a monarchy from the 11th Century until 1910 when an armed uprising in Lisbon drove King Manuel II into exile and a republic was instigated. A period of great political instability ensued until eventually the military intervened. A new Constitution was drawn up in 1933, which gave formal expression to the corporative "Estado Novo" (New State), personified by Dr Salazar, who ruled the country from 1932 until 1968. Dr Caetano succeeded Salazar but his failure to liberalise the regime or to terminate the wars in the African colonies resulted in his Government being overthrown by a military coup on 25 April 1974.


The country underwent a period of dramatic and turbulent change after the coup. The African colonies were given their independence, censorship was abolished and trade unions permitted. A new national assembly based on universal suffrage was elected. The banks and many of the country's most important industries were nationalised and large agricultural estates were seized. In November 1975 a coup by the extreme left was narrowly averted by the firm action of a small group of moderate army officers. This was followed by a move back to the centre in politics, resulting in the election in April 1976 of the first constitutional Government under the Socialist leader Dr Mario Soares.


Country name:
Conventional long form: Portuguese Republic
Conventional short form: Portugal
Local long form: República Portuguesa
Local short form: Portugal


Government type: Parliamentary democracy


Capital: Lisbon
Geographic coordinates: 38 43 N, 9 08 W
Time difference: GMT +0
Daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October


Administrative divisions: 18 districts (distritos, singular - distrito) and 2 autonomous regions* (regiões autónomas, singular - região autónoma); Aveiro, Açores (Azores)*, Beja, Braga, Bragança, Castelo Branco, Coimbra, Évora, Faro, Guarda, Leiria, Lisboa, Madeira*, Portalegre, Porto, Santarém, Setúbal, Viana do Castelo, Vila Real, Viseu


Independence:1143 (Kingdom of Portugal recognized) - independent republic proclaimed 5 October 1910


National holiday:Portugal Day (Dia de Portugal), 10 June (1580); note - also called Camoes Day, the day that revered national poet Luis de Camoes (1524-80) died


Constitution: adopted 2 April 1976; subsequently revised note: the revisions placed the military under strict civilian control, trimmed the powers of the president, and laid the groundwork for a stable, pluralistic liberal democracy; they allowed for the privatization of nationalized firms and government-owned communications media.
Revised 30 October 1982, 1 June 1989, 5 November 1992, and 3 September 1997


Legal system: Civil law system; the Constitutional Tribunal reviews the constitutionality of legislation; accepts compulsory ICJ jurisdiction, with reservations.

The constitution provides for universal access to the courts. This concept was incorporated into the constitution by the amendment of 1982. Criminal defendants lacking financial resources are not denied access to the legal system. The courts have the exclusive power to administer the law. The various courts and their functions are described below. Courts of Primary Jurisdiction are designated county courts and can, as a rule, hear most cases of a general nature. They can also act as a specialist court in matters relating to criminal cases, family law, minors, labor law and other similar areas. In cases in which the value involved is less than €3,740.98, the courts' decisions are final. Cases in which the amounts exceed this sum can be appealed against to the Court of Secondary Jurisdiction. Courts of Secondary Jurisdiction act as a court of appeal for legal decisions of the Court of Primary Jurisdiction. A decision of the Court of Secondary Jurisdiction may be appealed to the Supreme Court if the value of the matter at issue exceeds €14,963.94. Otherwise, the decision is final.


The Supreme Court of Justice is the highest court. It sits in Lisbon and hears cases from all parts of the country. It may render decisions in civil, criminal and commercial matters.


The Constitutional Court hears only cases that involve fundamental principles, such as those contained in the constitution.
Portugal also has administrative courts and tax courts. Administrative courts handle all matters involving the local and national governments, while the tax court hears tax cases. Both courts have primary and secondary levels. Certain decisions of the Court of Secondary Jurisdiction, including those on administrative matters, may be appealed to the Supreme Administrative Court.


The Central Administrative Court, which sits in Lisbon, serves as an intermediary court between administrative courts and the Supreme Administrative Court. This court was created in 1996 to hear cases that were previously heard by the Supreme Administrative Court.


Suffrage: 18 years of age; universal


Executive branch
Chief of state: President Anibal CAVACO SILVA (since 9 March 2006)
The President is directly elected for a five-year period and may serve for a maximum of two consecutive terms. The chief powers of the president are the right to appoint the prime minister.
The socialist democrat Anibal Cavaco Silva was re-elected president in January 2011 and is serving a five-year term.


Head of government: Prime Minister: Pedro Manuel Mamede PASSOS COELHO (since 21 June 2011)


Cabinet: Council of Ministers appointed by the President on the recommendation of the Prime Minister.
(For more information visit the World Leaders website )
(note: there is also a Council of State that acts as a consultative body to the President)


Elections: president elected by popular vote for a five-year term (eligible for a second term); election last held on 23 January 2011 (next to be held in January 2016); following legislative elections, the leader of the majority party or leader of a majority coalition usually appointed prime minister by the president


Election results: Anibal CAVACO SILVA reelected president; percent of vote - Anibal CAVACO SILVA 53%, Manuel ALEGRE 19.8%, Fernando NOBRE 14.1%, Francisco LOPES 7.1%, Manuel COELHO 4.5%, Defensor MOURA 1.6%


Legislative branch: unicameral Assembly of the Republic or Assembleia da Republica (230 seats; members are elected by popular vote to serve four-year terms)
elections: last held on 5 June 2011 (next to be held in 2015)
election results: percent of vote by party - PPD/PSD 38%, PS 28%, CDS/PP 11%, PCP/PEV (see CDU) 7%, BE 5%, other 11%; seats by party - PPD/PSD 108, PS 74, CDS/PP 24, PCP/PEV (see CDU) 16, BE 8


Judicial branch: Constitutional Court (Tribunal Constitucional) consists of 13 judges (10 appointed by the Assembly and 3 are coopted by the 10 judges) for six-year terms; Supreme Court (Supremo Tribunal de Justica); Audit Court (auditoria do Tribunal); Supreme Administrative Court (Supremo Tribunal Administrativo); all judges are appointed for life by the Conselho Superior da Magistratura


Political parties and leaders: Democratic and Social Center/Popular Party or CDS/PP [Paulo PORTAS]; Social Democratic Party or PPD/PSD [Pedro PASSOS COELHO]; Socialist Party or PS [António COSTA]; The Left Bloc or BE [Pedro Filipe SOARES]; Unitarian Democratic Coalition or CDU [Jeronimo DE SOUSA] (includes Portuguese Communist Party or PCP and Ecologist Party ("The Greens") or PEV)


Political pressure groups and leaders: Armed Forces Officers' Association (AOFA) [Colonel Pereira CRACEL]; the Desperate Generation (youth movement protesting against low wages, precarious labor conditions, and unemployment); the General Workers Union or General Confederation of Portuguese Workers (UGT) [Joao PROENCA]; Portuguese National Workers' Conference (CGTP) [Armenio CARLOS]; TugaLeaks (a website that has become a mouthpiece for publicizing diverse protest action) other: the media; labor unions


International organization participation:ADB (nonregional member), AfDB (nonregional member), Australia Group, BIS, CD, CE, CERN, CPLP, EAPC, EBRD, ECB, EIB, EMU, ESA, EU, FAO, FATF, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club (associate), PCA, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNMIT, UNSC (temporary), UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC


Flag description: two vertical bands of green (hoist side, two-fifths) and red (three-fifths) with the national coat of arms (armillary sphere and Portuguese shield) centered on the dividing line; explanations for the color meanings are ambiguous, but a popular interpretation has green symbolizing hope and red the blood of those defending the nation


National Anthem:
name: "A Portugesa" (The Song of the Portuguese)
lyrics/music: Henrique LOPES DE MENDOCA/Alfredo KEIL
note: adopted 1910; "A Portuguesa" was originally written to protest the Portuguese monarchy's acquiescence to the 1890 British ultimatum forcing Portugal to give up areas of Africa; the lyrics refer to the "insult" that resulted from the event.


Source: CIA World Fact Book

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Economy


Economy overview: The Global Competitiveness Report for 2012-13, published by the World Economic Forum, places Portugal on the 49th position.


Portugal Country report


Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU''s predecessor - in 1986. Over the following two decades, successive governments 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 grew by more than the EU average for much of the 1990s, but the rate of growth slowed in 2001-08.


The economy contracted 2.5% in 2009, before growing 1.4% in 2010, but GDP fell again in 2011 and 2012, as the government began implementing spending cuts and tax increases 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. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment, in part because its rigid labor market hindered greater productivity and growth.


However, the government of Pedro PASSOS COELHO has enacted several measures to introduce more flexibility into the labor market, and, this, along with steps to reduce high levels of public debt, could make Portugal more attractive to foreign investors. 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.


The budget deficit worsened in 2012 as a sharp reduction in domestic consumption took a bigger bite out of value-added tax revenues while rising unemployment benefits increased expenditures more than anticipated. Poor growth prospects over the next year have reinforced investors'' concerns about the government''s ability to achieve its budget deficit targets and regain full access to bond market financing when the EU-IMF financing program expires in 2013.


Financial System

The banking sector, together with money and capital markets, has developed steadily since Portugal joined the EU. Economic growth, increased competition and the easing of government controls have contributed to the growth of the sector. In 1992, new legislation governing banking activities entered into force (Decree Law No. 298/92, of 31 December 1992), classifying entities as credit institutions and finance companies, and implementing EU directives on bank coordination and supervision of credit institutions.


Central Bank

The central bank is named Bank of Portugal (BOP). Under the European System of Central Banks, the European Central Bank (ECB) has assumed the BOP's role in determining monetary policy. The ECB implements euro monetary policy. For example, it issues banknotes, establishes payment systems and conducts foreign-exchange operations. The BOP is the administrator and regulator of the banking system and has powers of supervision and inspection. It authorizes the establishment of credit institutions and finance companies as branches or subsidiaries of companies incorporated in other EU member states. The Ministry of Finance is responsible for licensing non-EU banks, which must operate as Portuguese branches of such banks.


Stock Exchange and Securities Regulating Authority


Securities Exchanges

In 2001, the Lisbon and Oporto Stock Exchange joined Euronext and changed its name to Euronext-Lisbon.


Euronext was originally created by the merger of the stock exchanges in Amsterdam, Brussels and Paris in response to growing demand from investors, a political environment favourable to further consolidation in the European capital market and a desire to capitalize on the greater liquidity and lower costs resulting from the introduction of the euro.


Euronext-Lisbon lists several types of securities, including public and private bonds, shares, convertible bonds, futures, options and warrants. The spot market of the exchange continues to be located in Lisbon, while the derivative market is located in Oporto. The spot market consists of the following three sections: the official market; the secondary market; and the unlisted market.


All stock exchange transactions must be executed by brokers or dealers, who supervise compliance with the relevant laws.


In 1993, the unlisted market was established to prevent the proliferation of trading in unofficial markets. This market covers transactions that may be conducted on the stock exchange but do not fulfill all the requirements for admittance to the official quotation market. For example, the issuer of the securities may have insufficient share capital or too few shares owned by the public.


To be listed on the stock exchange, companies must satisfy the following requirements:

  • The company must have a minimum share capital of €2.5 million; and
  • At least 25% of the company's shares must be available for public quotation.

A company intending to quote its shares must file a petition (admission request) with the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários, or CMVM).


An issuing company must publish a prospectus prepared in accordance with the law. The prospectus, which must be approved by the CMVM, provides detailed information about the share issue and the issuing company.


Repo and securities lending transactions are made outside a regulated market. However, Euronext-Lisbon provides several services with respect to such transactions, including clearing, the providing of bid-offer quotations and the guaranteeing of the performance of certain aspects of the transactions.


Securities Regulating Authority

Decree Law 142-A/91 of 10 April 1991 established the CMVM as the authority in charge of the supervision and regulation of securities and other financial instruments markets in Portugal.
To carry out its supervisory functions, the CMVM engages in several types of activities, including the following:

  • Monitoring the activities of entities under its supervision, including securities issuers, financial intermediaries, investment funds, and risk rating companies;
  • Monitoring compliance with laws and regulations;
  • Maintaining registries of certain transactions, including public offers of securities and takeover bids;
  • Disseminating information about companies with shares listed on the Portuguese Stock Exchange; and
  • Issuing of ordinances and specific recommendations.

The CMVM also regulates the functioning of securities markets, public offers of securities and the activities of financial market operators by issuing guidance, such as regulations and recommendations.


Source: Doing Business in Portugal – 2003 by Ernst & Young in 26 June 2003

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Economy Indicators


GDP
GDP: purchasing power parity - $243.3 billion (2013 est.)
GDP - real growth rate: -1.8% (2013 est.)
GDP - per capita: purchasing power parity - $22,900 (2013 est.)
GDP - composition by sector:
Agriculture: 2.6%
Industry: 22.6%
Services: 75.2%
(2013 est.)
note: data are in 2013 US dollars


Population below poverty line: 18% (2006 est.)


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


Inflation rate (consumer prices):
0.4% (2013 est.)
2.9% (2012 est.)


Labour force: 5.395 million (2013 est.)


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


Unemployment rate: 16.8% (2013 est.)


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: -2% (2011 est.)


Exports: USD$57.8 billion (2012 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 13.6%, France 12.1%, Angola 5.5%, UK 5.1% (2011)

Imports: USD$68.22 billion (2010 est.)

Imports - commodities: agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, minerals and mineral products, base metals, machinery and tools, vehicles and other transport material, and optical and precision instruments, computer accessories and parts, semi-conductors and related devices, household goods, passenger cars new and used, and wine products

Imports - partners:
Spain 31.8%, Germany 12.4%, France 6.9%, Italy 5.4%, Netherlands 4.8% (2011)

Debt - external: $548.3 billion (30/06/2011)

Reserves of foreign exchange and gold: $21.34 billion (31 December 2011 est.)

Currency: Portuguese escudo (PTE) - no longer legal tender since March 2002; Euro (EUR)


Before 1 January 1999, the currency in Portugal was the escudo (PTE). Effective from that date, Portugal adopted the euro (€) as its currency. The conversion rate for the escudo and the euro was fixed at PTE 200.482=€ 1.


The introduction of the euro required substantial technological upgrades in every sector of the economy, including banking and telecommunications.


The introduction of euro coins and notes occurred on 1 January 2002. Effective from 1 March 2002, only euro coins and notes are accepted.


(Note: on 1 January 1999, the EU introduced the euro as a common currency that is now being used by financial institutions in Portugal at a fixed rate of 200.482 Portuguese escudos per euro and will replace the local currency for all transactions in 2002)


Fiscal year: calendar year.


Source: CIA World Fact Book

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Energy


Electricity - production: 50.3 billion kWh (2010 est.)

Electricity - consumption: 47.81 billion kWh (2009 est.)

Electricity - exports:3.191 billion kWh (2010 est.)

Electricity - imports: 5.814 billion kWh (2010 est.)

Electricity - installed generating capacity: 17.39 million kW (2009 est.)

Electricity - from fossil fuels: 48.3% of total installed capacity (2009 est.)

Electricity - from nuclear fuels: 0% of total installed capacity (2009 est.)

Electricity - from hydroelectric plants: 23.3% of total installed capacity (2009 est.)

Electricity - from other renewable sources: 22.5% of total installed capacity (2009 est.)

Crude oil - production: 1,926 bbl/day (2011 est.)

Crude oil - exports: 0 bbl/day (2009 est.)

Crude oil - imports: 205,400 bbl/day (2009 est.)

Crude oil - proved reserves: NA bbl (1 January 2012 est.)

Refined petroleum products - production: 237,000 bbl/day (2009 est.)

Refined petroleum products - consumption: 259,700 bbl/day (2011 est.)

Refined petroleum products - exports: 49,650 bbl/day (2009 est.)

Refined petroleum products - imports: 83,520 bbl/day (2009 est.)

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

Natural gas - consumption: 5.212 billion cu m (2011 est.)

Natural gas - exports: 0 cu m (2011 est.)

Natural gas - imports: 5.181 billion cu m (2011 est.)

Natural gas - proved reserves: 0 cu m (1 January 2012 est.)

Carbon dioxide emissions from consumption of energy: 51.43 million Mt (2010 est.)


Transportation


Railways
Total: 3,319 km
Broad gauge: 2,700 km 1.668-m gauge (1436 km electrified)
Narrow gauge: 192 km 1.000-m gauge (2008)


Roadways
Total: 82.900 km
Paved: 71.294 km (including 2613 km of expressways)
Unpaved: 11.606 km (2008)


Waterways:
210 km (on Douro River from Porto) (2011)


Pipelines: Gas 1,307 km; oil 11 km; refined products 188 km (2010)


Ports and harbors: Aveiro, Funchal (Madeira Islands), Horta (Azores), Leixoes, Lisbon, Porto, Ponta Delgada (Azores), Praia da Vitoria (Azores), Setubal, Viana do Castelo


Merchant marine:
Total: 109 ships
Ships by type: bulk carrier 8, cargo 35, carrier 1, chemical tanker 21, container 7, liquefied gas 6, passenger 13, passenger/cargo 5, petroleum tanker 7, roll on/roll off 1, vehicle carrier 9
foreign-owned: 81 (Belgium 8, Colombia 1, Denmark 4, Germany 14, Greece 2, Italy 12, Japan 9, Mexico 1, Norway 2, Spain 18, Sweden 3, Switzerland 3, US 4)
registered in other countries: 15 (Cyprus 2, Malta 3, Panama 10) (2010)


Airports: 65 (2012.)


Airports - with paved runways:
Total: 43
Over 3,047 m: 5
2,438 to 3,047 m: 7
1,524 to 2,437 m: 8
914 to 1,523 m: 13
Under 914 m: 10 (2012)


Airports - with unpaved runways:
Total: 22
914 to 1,523 m: 1
Under 914 m: 21 (2012)


Source: CIA World Fact Book

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Military


Military branches: Portuguese Army (Exercito Portuguesa), Portuguese Navy (Marinha Portuguesa; includes Marine Corps), Portuguese Air Force (Forca Aerea Portuguesa, FAP) (2010)


Military service age and obligation: 18-30 years of age for voluntary military service; no compulsory military service, but conscription possible if insufficient volunteers available; women serve in the armed forces, on naval ships since 1993, but are prohibited from serving in some combatant specialties; reserve obligation to age 35 (2012)


Manpower available for military service:
males age 16-49: 2,566,264
females age 16-49: 2,458,297 (2010 est.)


Manpower fit for military service:
males age 16-49: 2,103,080
females age 16-49: 2,018,004 (2010 est.)


Manpower reaching militarily significant age annually:
males: 62,208
females: 54,786 (2010 est.)


Military expenditures - percent of GDP: 2.3% (2005 est)


Source: CIA World Fact Book


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Last updated in Feb 2013 by the British-Portuguese Chamber of Commerce





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UNDERSTANDING FINANCES LISBON - 29th and 30th of May 2017INEDEM - Rua Joaquim António Aguiar 45, 2Esq - LISBON (in front of Ritz Hotel)(1st day: [...]
Date :  Monday, 29 May 2017
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UNDERSTANDING FINANCES LISBON - 29th and 30th of May 2017INEDEM - Rua Joaquim António Aguiar 45, 2Esq - LISBON (in front of Ritz Hotel)(1st day: [...]
Date :  Tuesday, 30 May 2017
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Business Cocktail Evening 31st May 2017from 6:00pm onwards Almeida Monteiro & Associados - Sociedade de Advogados, R.L.Rua Francisco Sá Carneiro,Edifício Lagoa Residence, [...]
Date :  Wednesday, 31 May 2017

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