Portugal 's Current Official Exchange Rate Essay

918 WordsSep 14, 20164 Pages
Introduction Portugal, a country located in Southwestern Europe is home to 10,825,309 (Current number of population as of July 2015). Portugal’s area totals to 92,090 Square Kilometers, ranking 111th in terms of large the country is to other countries. Portugal declared its independence in 1986. Although, it was reported by the CIA World Factbook that “Prior to declaring its independence, Portugal was one of the founding members of NATO” (CIA World Factbook, 1). Today, Portugal is one of the country members that make up the European Union (EU). The most common language spoken is Portuguese and at times Mirandese, but is spoken within the locals. Portugal’s main natural resources include fish, forests, iron ore, copper, zinc, silver, gold, and other man-made materials you can find in any country. As of July 2015 and again reported in the CIA World Factbook, Portugal’s current official exchange rate is $199.1 billion, the GDP growth rate is 1.5% and its PPP is $27,800, inflation rate is 0.5%. Their unemployment rate is 12.6%, while their labor force is 5.223 million. In addition to that, their public debt is 129% worth of GDP. Who Does Portugal Trade with? The CIA World Factbook has indicated that Portugal generally exports agricultural products, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools, base metals; materials typically needed to live in

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