The Portuguese colonists adopted an economy based on the production of agricultural goods that were exported to Europe. Sugar became by far the most important Brazilian colonial product until the early 18th century, when gold and other minerals assumed a higher importance.
The Portuguese used extensive military force to control a series of forts, factories, and naval outposts along the coasts of East Africa, India, and the Malay peninsula. These provided more direct access to the lucrative trade goods and thus greater wealth for the Portuguese Empire.
Portugal was the world's richest country when its colonial empire in Asia, Africa and South America was at its peak (the 1490s to the 1540s).
In the early 16th century, Portugal was the most prosperous nation in the world, thanks to its feats of navigation, exploration and conquest. From India, its ships pushed further east, reaching the Spice Islands (Indonesia) in 1512 and China in 1514.
Major challenges include significant debt, high inflation and unemployment, burdensome public spending, and serious structural shortcomings. Leading economic sectors include financial services, telecommunications, and a tourism industry that began to recover in 2021.
Portugal is a small country with diverse mineral resources. It is one of the EU's significant copper, tin, lithium and tungsten producers and a global producer of marble, limestone, and granite.
Spain is, according to the most recent FMI estimates, the 15th largest world economy (in PPP terms), with Portugal 55th. In terms of per capita GDP (PPP) the gap is smaller, with Spain ranking 32nd and its neighbour 43rd.
Portugal, the small European nation located on the western tip of the Iberian Peninsula, known to have colonised over 50 countries of the world, spread across Asia, South America and Africa, is in the news again.
During the 15th and 16th centuries, Portugal became a leading European power that ranked with England, France and Spain in terms of economic, political and cultural influence.
By 1571, a string of outposts connected Portugal with Africa, India, the South Pacific Islands, and Japan. Portugal grew wealthy from its trade route around Africa to Asia. Its most profitable colony was Brazil in South America.
According to researcher Jorge Malheiros of the Center for Geographical Studies of the Institute of Geography and Spatial Planning at the University of Lisbon, the accelerated increase in the rate of aging in Portugal is a result of the departure of young people from the country.
The cost of food is lower in Portugal because the average wage is lower than in places like the US. The typical worker in Portugal makes about €925 per month (based on 2019 figures). That works out to a little over $12,000/year.
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.
The country offers attractive tax incentives, a favourable climate, and a thriving cultural scene. Cities like Lisbon and Porto have become magnets for millionaires and entrepreneurs looking to establish residency or invest in property.
Portugal has a high national debt owing to government actions during the financial crisis of 2008. The difficulties experienced by the country's banking sector required state intervention. This intervention, in turn, led to a government debt crisis, which was sorted out with the help of the IMF and the European Union.
The average salary in Portugal for the most recent year (2022) is 33,000 EUR per year. That's around 32,117.04 USD per year according to the October 2022 exchange rates.
Portugal, though a comparatively small nation in terms of land area, took an early lead in terms of naval exploration and became the first real global superpower.
The name Portucale evolved into Portugale during the 7th and 8th centuries, and by the 9th century, that term was used extensively to refer to the region between the rivers Douro and Minho. By the 11th and 12th centuries, Portugale, Portugallia, Portvgallo or Portvgalliae was already referred to as Portugal.
…colonization by the Spaniards and Portuguese from the late 15th through the 18th century as well as movements of independence from Spain and Portugal in the early 19th century. Even since independence, many of the various nations have experienced similar trends, and they have some awareness of a common heritage.…
Spain and Portugal divided the New World by drawing a north-to-south line of demarcation in the Atlantic Ocean, about 100 leagues (555 kilometers or 345 miles) west of the Cape Verde Islands, off the coast of northwestern Africa and then controlled by Portugal.
In 1762, during the Seven Years' War, Spain launched an unsuccessful invasion of Portugal. In 1777 there was a conflict between the two states over the borders of their possessions in South America.
Portugal's largest exports are cars, motor vehicle parts, and clothing goods. Additionally, Portugal is the world's largest exporter of corks (more than €1 billion annually). The primary export partners of Portugal are Spain, Italy, France and Germany.
Luxembourg, the richest country in Europe
Luxembourg has a per capita GDP of $128,820 (IMF, 2023), making it the wealthiest country in Europe. The country is famous for its strong financial sector. Many international banks and investment firms are based in the capital of Luxembourg.
Germany's economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s.
Portugal is an extremely safe country. According to the 2022 Global Peace Index ranking, the Portuguese country ranks sixth among the safest countries in the world. Spain, on the other hand, ranks 29th. So, all things considered, Portugal is safer.