page_title: Portugal
section_title: Economy
hierarchical_section_title: Portugal / Economy
caption_attribution_description: English: Gold reserves per capita.
context_page_description: Portugal, officially the Portuguese Republic, is a country located mostly on the Iberian Peninsula, in southwestern Europe. It is the westernmost sovereign state of mainland Europe, being bordered to the west and south by the Atlantic Ocean and to the north and east by Spain. Its territory also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments. The official and national language is Portuguese.
  Portugal is the oldest nation state on the Iberian Peninsula and one of the oldest in Europe, its territory having been continuously settled, invaded and fought over since prehistoric times. Inhabited by pre-Celtic and Celtic peoples, visited by Phoenicians-Carthaginians, Ancient Greeks and ruled by the Romans, who were followed by the invasions of the Suebi and Visigothic Germanic peoples. After the Muslim conquest of the Iberian Peninsula, most of its territory was part of Al-Andalus. Portugal as a country was established during the early Christian Reconquista. Founded in 868, the County of Portugal gained prominence after the Battle of São Mamede.
context_section_description: Portugal is a developed and a high-income country, with a GDP per capita of 77% of the EU28 average in 2017 (increasing from 75% in 2012) and a HDI of 0.843 (the 41st highest) in 2016. By the end of 2018, Portugal's GDP (PPP) was $32,554 per capita, according to OECD's report. The national currency of Portugal is the euro (€), which replaced the Portuguese Escudo, and the country was one of the original member states of the eurozone. Portugal's central bank is the Banco de Portugal, an integral part of the European System of Central Banks. Most industries, businesses and financial institutions are concentrated in the Lisbon and Porto metropolitan areas – the Setúbal, Aveiro, Braga, Coimbra and Leiria districts are the biggest economic centres outside these two main areas.
  According to World Travel Awards, Portugal was Europe's Leading Golf Destination in 2012 and 2013.
  Since the Carnation Revolution of 1974, which culminated in the end of one of Portugal's most notable phases of economic expansion (that started in the 1960s), a significant change has occurred in the nation's annual economic growth. After the turmoil of the 1974 revolution and the PREC period, Portugal tried to adapt to a changing modern global economy, a process that continues in 2013. Since the 1990s, Portugal's public consumption-based economic development model has been slowly changing to a system that is focused on exports, private investment and the development of the high-tech sector. Consequently, business services have overtaken more traditional industries such as textiles, clothing, footwear and cork (Portugal is the world's leading cork producer), wood products and beverages.
  In the second decade of the 21st century, the Portuguese economy suffered its most severe recession since the 1970s, resulting in the country having to be bailed out by the European Commission, European Central Bank and International Monetary Fund (IMF). The bailout, agreed to in 2011, required Portugal to enter into a range of austerity measures in exchange for funding support of €78,000,000,000. In May 2014, the country exited the bailout but reaffirmed its commitment to maintaining its reformist momentum. At the time of exiting the bailout, the economy had contracted by 0.7% in the first quarter of 2014; however, unemployment, while still high, had fallen to 15.3%.
  The average salary in Portugal is €910 per month, excluding self-employed individuals and the minimum wage, which is regulated by law, is €635 per month (paid 14 times per annum) as of 2020.
  The Global Competitiveness Report for 2014–2015, published by the World Economic Forum, placed Portugal on the 36th position on the economic index.
  The Economist Intelligence Unit's quality of life index placed Portugal as the country with the 19th-best quality of life in the world for 2005, ahead of other economically and technologically advanced countries like France, Germany, the United Kingdom and South Korea, but 9 places behind its sole neighbour, Spain. This is despite the fact that Portugal remains as one of the countries with the lowest per capita GDP in Western Europe.
  Major state-owned companies include: Águas de Portugal (water), Caixa Geral de Depósitos (banking), Comboios de Portugal (railways), Companhia das Lezírias (agriculture) and RTP (media). Some former state-owned entities are managed by state-run holding company Parpública, which is a shareholder of several public and private companies. Among former state-owned companies recently privatized are: CTT (postal service) and ANA (airports).
  Companies listed on Euronext Lisbon stock exchange like EDP, Galp, Jerónimo Martins, Mota-Engil, Novabase, Semapa, Portucel Soporcel, Portugal Telecom and Sonae, are amongst the largest corporations of Portugal by number of employees, net income or international market share. The Euronext Lisbon is the major stock exchange of Portugal and is part of the NYSE Euronext, the first global stock exchange. The PSI-20 is Portugal's most selective and widely known stock index.
  The International Monetary Fund issued an update 
caption: Portugal has the thirteenth-largest gold reserve in the world.
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