Portugal Economy

Portugal is fueled by a high income mixed economy and placecd 43rd out of 134 countries in the Global Competitiveness Report of 2008-2009.

The economy of Portugal depends on the countries of Spain, Germany, France and Italy for most imports. A majority of exports go to European Union countries. It has been part of the Eurozone since the beginning of the union.

The global financial crisis is still impacting Portugal's economy severely and causing a wide range of domestic issues. Public deficit in the economy and excessive debt levels loom with no end in sight. The government faces many tough choices as it attempts to stimulate growth. Portugal received a bail out to the tune of $115 billion in 2011 and has expected evidence of recovery to surface in 2012.

As of 2012, Portugal's unemployment rate looms at 15%. Despite being developed, it has the one of E.U.'s lowest per capita GDPs per capita and the lowest GDP per capita in Western Europe.

Fisheries and agriculture account for roughly 4% of Portugal's GDP but continue to employ 13% of the labor force since its decline in the 1960's. Services account for a growing portion of Portugal's economy at 66% of the GDP and 52% of jobs for the Portugese working population. A remaining 30% of the GDP is produced by building and energy sectors.