Economy - overview: Portugal is an upcoming capitalist economy with a per capita GDP two-thirds that of the four big West European economies. The country qualified for the European Monetary Union (EMU) in 1998 and joined with 10 other European countries in launching the euro on 1 January 1999. The year 2000 was marked by moderation in growth, inflation, and unemployment. The country continues to run a sizable trade deficit. The government is working to reform the tax system, to modernize capital plant, and to increase the country's competitiveness in the increasingly integrated world markets. Growth is expected to fall off slightly in 2001. Improvement in the education sector is critical to the long-run catch-up process.
Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of April 17, 2001
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