Portugal's Economy Essay Example | Topics and Well Written Essays - 500 words

Portugal's Economy - Essay Example Indeed, the economy grew by more than the European Union average in the 1990s, declined between 2001 to 2009 then recorded a 1% growth in 2010 (Central Intelligence Agency , 2011). The 1% growth notwithstanding, Portugal faces tough economic crisis as she recently sought outside help in 2011 in order to recover from her economic problems. In fact, the economic situation is predicted to worsen given the severe austerity measures impose on Portugal by her EC partners (British Broadcasting Corporation, 2011). Gross Domestic Product Portugal’s Gross Domestic Product (GDP), which is the market value of all her final goods and services produced within the country in a given period and which is the standard means of measuring a country's economic growth and standard of living, is estimated at $247 billion as at 2010 with the services sector accounting for 74.5%, secondary sector contributing 23% and primary sector accounting for 2.6% (Central Intelligence Agency , 2011). Figures from the Central Intelligence Agency ranked Portugal’s GDP 50th among other countries in 2010.