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||1988 - 2015
Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past two decades, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. After three years of the Economic and Financial Assistance Programme, the Portuguese economy was able to correct a number of macroeconomic imbalances, such as net financing capacity in relation to the exterior, ongoing budget consolidation, and transfer of resources from the non-tradable sector to the tradable one. Nevertheless, the severe austerity measures originated high job destruction rates, record high unemployment rates, and massive long-term unemployment; along with worsening social conditions and increasing public debt (165 percent of GDP in the second quarter of 2015, when includes public enterprises). In 2014, the private final consumption expenditure was the main component of GDP accounting for 64 percent of its total use, followed by the government final consumption expenditure (19 percent) and the gross capital formation (15 percent). This page provides - Portugal GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Portugal GDP Growth Rate - was last refreshed on Friday, August 28, 2015.