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Expat Country Guides Latvia | Portugal Country Guide |
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Situated on the South-western peak of Europe, Portugal is one of the more popular tourist destinations of Europe. The country has encountered a constant flow of attention over the centuries, offering a strategic entry point to the European continent. The Romans, Germanics and Moorish have all held the country at some point in time, each leaving a little of their cultural footprints behind. Contents: Economy in Portugal | Prospects in Portugal | Portugal Facts Economy in PortugalFor a country with a population of only 10 million, Portugal has a fairly strong economy which is ranked some where in the region of 22nd on the world stage. The willingness of progressive governments to continue a policy of inward investment and development has allowed a capitalist economy to flourish. In common with other major European countries, Portugal has also undergone a program of privatisation - thereby weakening the historical state control of industry.The economy is dominated by a small number of industries which include, oil refining, automotive, cement production, pulp and paper and textiles - thereby eliminating the countries once dependence on agriculture. Tourism and fine wines are also a very strong area of growth for the country, with Portugal among one of the largest exporters of wine in the world. Portugal has recently become one of the leaders in the growing area of alternative power sources, having opened the worlds largest solar power station, with the government committed to investing some $3.8 billion over the next 5 years. When you consider where Portugal is situated, the country has the potential to further strengthen its position in the renewable energy market. A recent rise in the rate of unemployment to 7.7% is slightly concerning, although the longer term picture is still fairly upbeat. Economic growth is currently running at some 1.3% which is an improvement on the 0.5% rate of 2005, further allaying fears of a recession. Income tax rates for Portuguese nationals are between 10.5% and 40% while corporation tax is set at 27.5%. Prospects in PortugalWhile there have been recent concerns about a possible slowdown on the Portuguese economy, these have been allayed with recent figures showing an increase in the rate of growth. The progressive attitude of the authorities has benefited the country as a whole, with inward and foreign investment very healthy.Unemployment has risen of late, although there is always a lag behind an increase in the economy and reduction in unemployment - so this should start to fall fairly soon. Looking longer term the forward thinking by the authorities may well see Portugal become a major player in the field of renewable energy systems - with a further $3.8 billion already put aside for investment. The tourism market in Portugal continues to flourish, and the area is a favourite for holiday homes, with many older people actually looking to retire to the sun and quiet life of Portugal. An interesting area of the world, which has growth potential in a number of business areas. Key Facts of Portugal:Bordered by SpainFood: High meat and fish content Temperature: From -2C to 40c+ Industries: Wines, Automobiles, Tourism, Oil Refining, Paper and Renewable Energy Education: 12 years compulsory, with a highly developed university sector Health: Life expectancy 77 years |
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