|
Portugal Tourism and Unilateral Transfers
Measured in terms of arrivals and foreign exchange
receipts,
Portuguese tourism had grown at a phenomenal rate since
the early
1980s. Foreign arrivals, which averaged about 7.3 million
in
1981-1982, expanded sharply each year thereafter,
stabilized at
between 16 and 17 million during 1987-89, and then
increased to
an estimated 18.4 million in 1990. Receipts from tourism
rose
from US$1.15 billion in 1980 to US$3.58 billion in 1990.
In 1990 unilateral transfers reached US$6.5 billion (22
percent of Portugal's current account receipts), of which
73
percent were private, mainly emigrant remittances. About
three-fourths of the emigrant remittances originated in
Western
Europe (mainly France) and one-fifth in North America
(mainly the
United States). These private inflows not only contributed
to the
country's foreign exchange earnings, but also represented
a
significant component of Portuguese household savings.
Gross public transfers in favor of Portugal amounted to
US$1,740 million in 1990, of which nearly half (US$837
million)
represented structural funds from the EC in support of the
country's economic and social modernization. The European
Social
Fund assisted in vocational and professional training;
other
funds participated in the Specific Plan for the
Development of
Portuguese Agriculture (Plano Económico para o
Desenvolvimento da
Agriculltura Portuguêsa--PEDAP) and the Specific Plan for
the
Development of Portuguese Industry (Plano Económico para o
Desenvolvimento da Indústria Portuguêsa--PEDIP). The
Portuguese
government was required to cofinance projects funded by
these EC
transfers. Although Portugal no longer was a member of
EFTA, the
latter continued to assist the former member country in
its
economic restructuring efforts. Finally, included in the
category
of official unilateral transfers were United States
government
military and economic grants that totaled some US$160
million
annually for the use of the large United States Air Force
base in
the Azores.
Data as of January 1993
|
