Portugal

Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors.  The country joined the Economic and Monetary Union in 1999 and began circulating the euro on 1 January 2002 along with 11 other EU members.
Background - Following its heyday as a global maritime power during the 15th and 16th centuries, Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. A 1910 revolution deposed the monarchy, and for most of the next six decades, repressive governments ran the country. In 1974, a left-wing military coup installed broad democratic reforms. The following year, Portugal granted independence to all of its African colonies. Portugal is a founding member of NATO and entered the EC (now the EU) in 1986.

Source: CIA Fact Book

Economic Strengths
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Economic Weaknesses
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Characteristics
Fact
​​Terrain
​the west-flowing Tagus River divides the country: the north is mountainous toward the interior, while the south is characterized by rolling plains
Percentage of English Spoken
27%
Population
​10,263,850 (July 2021 est.)
​​Target Cities
Lisbon, Porto
Main Industries 
​textiles, clothing, footwear, wood and cork, paper and pulp, chemicals, fuels and lubricants, automobiles and auto parts, base metals, minerals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine, other foodstuffs; ship construction and refurbishment; tourism, plastics, financial services, optics
​GDP​
​2.24% (2019 est.)
​​Government
​semi-presidential republic
​​Relevant History
Value
​Global Corporate Headquarters
1. EDP - ENERGIAS DE PORTUGAL, 2. JERONIMO MARTINS SGPS, ​3. GALP ENERGIA SGPS, ​4. BANCO COMERCIAL PORTUGUES
​​Urbanization
​67.4% of total population (2022)​
​Internet Connectivity
78% (2020 est.)
Moody's Credit Rating ​
​Baa3 (2018)
Corruption Rank Index
32
CoFace Business Climate Index
A2
​Travel Advisory
No (Level 1)
​VAT Tax
23%