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Economy of Portugal

Portugal is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Portugal is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Portugal exports around $61 billion and imports roughly $59 billion. 7.9% of population in the country are unemployed. The total number of unemployed people in Portugal is 813,004. In Portugal, 19% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Portugal is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.2% of GDP. The Gini Index of the country is 34.2. Portugal is experiencing good equality. The majority of citizens in Portugal fall within a narrow range of income, although some cases may show significant differences. Portugal has a Human Development Index (HDI) of 0.822. Portugal has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Portugal is 1.344. Due to strong law enforcement presence and high social responsibility, Portugal is very safe by international standards. The strength of legal rights index for Portugal is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Portugal is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

The depth of credit information index for Portugal is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Portugal has a credit rating score of BB, and the prospects of this rating are positive. According to the Fitch credit-rating agency, Portugal has a credit rating score of BB+, and the prospects of this rating are positive. According to the Moody's credit-rating agency, Portugal has a credit rating score of Ba2, and the prospects of this rating are negative.

Central bank

In Portugal, the institution that manages the state's currency, money supply, and interest rates is called Bank of Portugal. Locally, the central bank of Portugal is called Banco de Portugal. The average deposit interest rate offered by local banks in Portugal is 2.4%.

Public debt

Portugal has a government debt of 38.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Portugal is set at 21%. Personal income tax ranges from 14.5% to 48%, depending on your specific situation and income level. VAT in Portugal is 23%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Portugal is $281357 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Portugal was last recorded at $27 million. PPP in Portugal is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Portugal is 227,324 billion. Based on this statistic, Portugal is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Portugal. The Gross Domestic Product (GDP) per capita in Portugal was last recorded at $22 million. The average citizen in Portugal has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Portugal averaged 1% in 2014. According to this percentage, Portugal is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Portugal.

Industry

Major industries in the country are textiles, clothing, footwear, wood and cork, paper and pulp, chemicals, 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. The total labor force of Portugal is 5,170,720 people, wherein 7.9% of population in the country are unemployed. The total number of unemployed people in Portugal is 813,004. The Industrial Production growth rate of Portugal is 0.9%.To read more about industrial information within Portugal click on industry of Portugal.

Agriculture

There are 15898 km2 of arable land in Portugal, and it comprises 17% of the country's total territory. There are 23107 km2 of cultivated land in Portugal. The country's major agricultural crops and products are grain, potatoes, tomatoes, olives, grapes, sheep, cattle, goats, pigs, poultry, dairy products, fish.To read more about agriculture click on agriculture of Portugal.