Once a world 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 in 1822 of Brazil as a colony.
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.
Facts and Figures
National Name
:
Portuguese Republic / Portugal
Size
:
Total surface area of 92,391 sq km
Population
:
10,566,212
Capital
:
Lisbon
Largest Cities
:
Braga, Faro
Main Religion
:
Roman Catholic
Monetary Unit
:
Euro
Climate
:
Maritime Temperate
Economy
Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past decade, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors.
In 1998, it qualified for the European Monetary Union (EMU), and began circulating the euro on 1 January 2002 along with 11 other EU member economies. Economic growth was above the EU average for much of the past decade, but fell back in 2001-04.
GDP per capita stands at two-thirds that of the Big Four EU economies. A poor educational system, in particular, has been an obstacle to greater productivity and growth. Portugal has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a target for foreign direct investment. The government faces tough choices in its attempts to boost Portugal's economic competitiveness while keeping the budget deficit within the euro zone's 3%-of-GDP ceiling.
Industries
Textiles and footwear; wood pulp, paper, and cork; metals and metalworking; oil refining; chemicals; fish canning; rubber and plastic products; ceramics; electronics and communications equipment; rail transportation equipment; aerospace equipment; ship construction and refurbishment; wine; tourism, Modern industries have developed significantly, including: oil refineries, petrochemistry, cement production, automotive and ship industries, electrical and electronics industries, machinery and paper industries. Portugal has an ambitious and well-planned complex of petrochemical industries in Sines . Automotive and other mechanical industries are located in Setúbal, Porto, Aveiro, Braga, Santarem, Azambuja
Telecommunications Infrastructure
Portugal's telephone system has achieved a state-of-the-art network with broadband, high-speed capabilities and a main line telephone density of 53%.
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