Portugal - Economy

Economy

Since the Carnation Revolution (1974) which culminated with the end of one of its most notable phases of economic expansion (that started in the 1960s), there has been a significant change in annual economic growth. After the turmoil of the 1974 revolution and the PREC period, Portugal has been trying to adapt itself to a changing modern global economy. Since the 1990s, Portugal's economic development model has been slowly changing from one based on public consumption to one focused on exports, private investment, and development of the high-tech sector. Business services have overtaken more traditional industries such as textiles, clothing, footwear, cork (of which Portugal is the world's leading producer), wood products and beverages.

Most industry, business and finance are concentrated in Lisbon and Porto metropolitan areas. The districts of Aveiro, Braga, Coimbra, and Leiria are the biggest economic centres outside those two main metropolitan areas.

The Portuguese currency is the euro (€) and the country's economy has been in the eurozone from its beginning. Portugal's central bank is the Banco de Portugal, which is an integral part of the European System of Central Banks.

Read more about this topic:  Portugal

Famous quotes containing the word economy:

    Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.
    Henry David Thoreau (1817–1862)

    The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.
    Ralph Waldo Emerson (1803–1882)

    The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.
    Ralph Waldo Emerson (1803–1882)