Portugal

D

Tourism

Foreign exchange receipts from tourism, amounting to more than 8 per cent of GDP in 1994, help to compensate for Portugal’s trade deficit. There were some 21.7 million visitors to Portugal in 1994. In 1994 Portugal earned around US$4,100 million from tourism.

E

Energy

In 1993 Portugal had an installed electricity-generating capacity of about 8.2 million kW; annual production was some 44.3 billion kWh in 2003. About 35 per cent of Portugal’s electricity is generated by hydroelectric facilities.

F

Currency and Banking

Until January 1, 2002, the monetary unit of Portugal was the escudo of 100 centavos. The bank of issue was the Bank of Portugal. In January 1999 Portugal adopted the Euro in accordance with its commitment to a single European currency, but this was initially not issued in cash form. Euro notes and coins replaced the escudo on January 1, 2002. As at early 2008, 0.68 Euros equalled US$1.

G

Commerce and Trade

In 2003 annual Portuguese imports totalled about US$47,112 million and exports about US$31,829 million. Principal imports included mineral fuels, machinery and transport equipment, and food and livestock. Principal exports included clothing and footwear, textile yarns and fabrics, machinery, and wood and paper products. Among Portugal’s chief trading partners are Germany, the United Kingdom, the United States, France, Spain, and Italy.

H

Labour

In 2006 the total workforce in Portugal was about 5.64 million. Unemployment in 1995 was 7.1 per cent.