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The economy of Portugal is ranked 34th in the World Economic Forum's Global Competitiveness Report for 2019. [31] The great majority of the international trade is done within the European Union (EU), whose countries received 71.4% of the Portuguese exports and were the origin of 74.6% of the Portuguese imports in 2020. [ 32 ]
Around 14% of taxpayers in the country are migrants, who contributed €1.6 billion ($1.7 billion) to Portugal’s economy in 2022. They took out €257 million ($280 million) in social security ...
Despite its vast colonial possessions, Portugal's economy declined relative to other advanced European economies from the 17th century and onward, which the study attributes to the domestic conditions of the Portuguese economy. [44] This 1755 copper engraving shows the ruins of Lisbon in flames and a tsunami overwhelming the ships in the harbor.
While the two countries on the Iberian peninsula experienced economic growth in the 1960s and 1970s – largely as a source of low cost labour and tourist destinations – poverty and illiteracy remained high. Portugal experienced high levels of emigration and this remains a feature of the economy today.
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Just five years old, Chega collected its first seat in Portugal’s 230-seat Parliament in 2019. That jumped to 12 seats in 2022, and polls suggest it could more than double that number this time.
Rank Region GDP in euros € % of GDP GDP per capita In euros € As % of Portugal average 1 Greater Lisbon: 84,263,000,000 31.5% 39,942 158.0% 2
The 2010–2014 Portuguese financial crisis was part of the wider downturn of the Portuguese economy that started in 2001 and possibly ended between 2016 and 2017. [1] The period from 2010 to 2014 was probably the hardest and more challenging part of the entire economic crisis; this period includes the 2011–14 international bailout to Portugal and was marked by intense austerity policies ...