POPULATION:

The current population of Portugal is around, 10,240,353 as of 2023 and the female to male ratio
is around 1:0.9. The population density is around 112/Km2 , which is slightly higher than other
European nations. However, the actual density per kilometer is much different than what the
statistics tell us. Since the majority of the population is stationed in the metropolitan areas, like
Lisbon, Porto and the Atlantic coasts. Data shows that Lisbon has housed more than a quarter of
the entire population of Portugal, whereas other vast areas, like the plateaus of Alentejo, the
Trás-os-Montes and Serra da Estrela highlands, barely have any inhabitants.

The ethnic Portuguese make up more than nine tenths of the population, with smaller populations
of Brazilians, Han Chinese, and individuals from Portugal's old colonies in Africa and Asia.
Portugal has one of the highest emigration rates on the continent. Prior to 1960, Brazil and a few
other Latin American nations were home to the majority of its émigrés. (CLIFFORD
EMBLETON (ed.), 1984)

However after the 1990s, due to the increase in immigration the population reached its peak at
December of 2009 it was estimated to be 10,573,479. Although a financial crisis in 2008 resulted
in shrinking the population again. Even the constant flow of immigrants was no help. In 10 years
(2008-2018), the population decrease was estimated to be almost 2.27%. However after 2018, it
started to rise again. (ORLANDO RIBEIRO, 1998)

CURRENCY:

The currency used in Portugal is euro, as used by majority of the European nations. Before euro
there was another currency used in Portugal called escudo also known as Portuguese escudo. The
euro, back then it was only existed as 'book money’. The euro banknotes and coins were
introduced in Portugal on 1 January 2002. The Portuguese escudo and the euro both enjoyed
legal tender status during the dual circulation period, which came to an end on February 28,
2002. And euro became the official currency of Portugal. (Portugal and the euro, economy and
finance).
ECONOMY:

In the mid-1970s Portugal joined the European Union after the Portuguese revolution which left
the economy of the country in a really bad state. However after joining the EU, the country’s
economy started flourishing.

In 2019, public administration, defense, education, human health, and social work activities
(20.7%), wholesale and retail commerce, transportation, lodging, and food services (20.8%), and
industry (17.4%) were the most significant economic sectors in Portugal. ( Daniel Belo,

Teresa Gil Pinheiro,2019)

 GDP: The GDP of Portugal is, around $26,879 per capita. The current inflation rate
going at 3.1% as of July 2023. From the third quarter of 2014, the Portuguese economy
has been steadily growing, with a 1.5% annual GDP growth recorded in the second
quarter of 2015. The rate of unemployment has been steadily declining in tandem with
the expansion of the economy; in the first quarter of 2019, it was 6.3%, down from
13.9% at the end of 2014. Additionally, from 11.2% of GDP in 2010 to 0.5% in 2018,
the government's fiscal deficit has decreased.(Aaron O’Neill,2023)
 CURRENCY: The currency of Portugal is euro. The exchange rate is around BDT
116/euro and USD 1.05/euro as of august 2023. Although the exchange rate fluctuates
almost every day, there is hardly any noticeable change.
 TAXATION: The whole amount of taxable income realized by businesses that are tax
residents of Portugal's mainland is subject to a fixed CIT rate of 21%, which also applies
to Portuguese PEs of overseas organizations. In the Autonomous Regions of Madeira and
the Azores, including PEs of foreign businesses registered there, the typical CIT rate is
14.7%. Small and medium-sized enterprises (SMEs) and small-medium capitalization
companies are subject to a reduced CIT rate of 17% (11.9% in the Autonomous Region
of Madeira and the Autonomous Region of the Azores) on the first EUR 50,000 of
taxable income (the standard CIT rate will apply on the excess). There are no payroll
taxes for employees in Portugal. But Employers are required to make monthly social
security contributions at the standard rate of 23.75% on the monthly gross remuneration
of their employees. Other taxes include air and sea travel taxes called carbon taxes
 consists around 2 euro per user. Disposable take-out packaging, including those for home
delivery that are made of plastic or aluminum, or of other materials that comprise plastic
or aluminum, is subject to a charge of 0.3 euro per package.(PwC REPORT)

Natural resourses:

 Fishing: Fishing is one of the major natural resources of Portugal. a data from 2004
shows that sardines accounted for the highest percentage (37%) of the total landings by
weight. Other high contributors by weight include mackerel (9%) and horse mackerel
(8%). Mollusks accounted for the highest contribution (22%) of the total landings by
value with sardines accounting for 13%.
 Agriculture: The agriculture is an important part of the economy of Portugal.. In 2013,
the sector contributed about 2.3% of the total gross domestic product (GDP) of Portugal.
 Other Resources: Portugal is efficient in harnessing wind and water resources. a data
from 2010 shows that 52% of the total energy was accounted for by renewable sources.
While another report from 2013 shows that, Hydroelectric and wind power accounted
for 30.4% and 24.1% respectively of the total renewable energy produced in 2013.(Bada,
2018)

Labor market:

the current unemployment rate of Portugal is around 6.1 % as of august 2023. With around
318,000 being unemployed. The workforce participation rate is around 60.8%. (TRADING
ECONOMICS)

Industries:

Portugal produces different types of cars and car parts. Currently its Factories are more focused
on automobile and automobile parts production. Portugal is also doing well in technology-based
Goods like, computer software and pharmaceutical products.

Portugal is also the 40th largest export economy in the world. The top destination countries for
exported goods from Portugal include Spain ($14.6 billion), France ($7.01 billion), Germany
($6.48 billion), the UK ($3.92 billion), and the US ($2.73 billion). The most widely exported
product from Portugal is port wine, vehicle parts , machine products, insulated wires, metal
molds, radio receivers and electric control boards.(Pariona, 2018)

LEGAL STRUCTURE:
Portugal is a semi-presidential republic where the people elect their own leaders. The President
of the Republic, who serves as the Chief of State, the Assembly of the Republic, the
Government, and the Courts are Portugal's four sovereign entities. As a sovereign entity, the
government primarily handles public administration and general politics. In Portuguese, the
collective ministry is referred to as the government. The prime minister and the group of
ministers make up the ministry. The prime minister is in charge of the administration.
(Sawe,2019)

Cultural Trends:

 Art: Portuguese people are deeply appreciative of art. Numerous museums may be found
in places like Coimbra, the university town, Porto, Braga, Guimarães, and Lisbon, the
capital. Municipalities that are smaller have their own collections. Local art shows are
always held in a specific location, unless it's the smallest community. This is frequently
located in or near the Câmera Municipal, or City Hall.
 Literature: Portugal is the home for many poets and writers including, Dom Denis, who
mostly penned oral traditions that were performed by troubadours, served as the
foundation for Portuguese literature during the 12th century. Considered the finest poet of
Portugal is Luís Vaz de Camões, a poet from the 16th century. His writings have been
likened to those of Virgil, Homer, and Shakespeare, particularly the epic Os Lusiadas.
Nearer to the present, José Saramago won the 1998 Nobel Prize in literature, while
Fernando Pessoa is among the most significant writers of the 20th century.
 Music: Portugal's most significant musical expressions are fado and folk music and
dance. Translating as "destiny" or "fate," it is distinguished by somber melodies and
lyrics, frequently pertaining to the sea, and is associated with the idea of saudade, a term
that evokes feelings of melancholy, loneliness, and longing.
 Folklore: Portugal’s ancient folklores became a part of their cultural trends or activities.
One best example is, The Mouras Encantadas . It is a shape-shifting magical maiden that
protect rivers, bridges, wells, caverns, and castles in the Portuguese-Galician folklore.
Captured by a sorcerous force, they pledge a prize to the person who manages to set them
free.(Pimental,2023)
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2011-2021. Statista. https://www.statista.com/statistics/372187/share-of-economic-

sectors-in-the-gdp-in-portugal/

 Bada, F. (2018). What Are The Major Natural Resources Of Portugal? WorldAtlas.

https://www.worldatlas.com/articles/what-are-the-major-natural-resources-of-

portugal.html

 Belo, D. (2019, December 19). The Portuguese economy in 2020: a positive economic

outlook, but greater uncertainty. CaixaBank Research.

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demographic-situation-languages-and-religions

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