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Tuesday, February 13, 2007

Economy


Portugal joined the European Union in 1986 and started a process of modernization within the framework of a stable environment. It has achieved a healthy level of growth. Successive governments have implemented reforms and privatized many state-controlled firms and liberalized key areas of the economy. Portugal was one of the founding countries of the euro in 1999.
Major industries include oil refineries, automotive, cement production, pulp and paper industry, textile, footwear, furniture, and cork (the world's leading producer).[2] Agriculture no longer represents the bulk of the economy, but Portuguese wines, namely Port Wine (named after the process of taking the wines to the "Port" to be exported) and Madeira Wine (named after Madeira Island), are exported worldwide. Tourism is also important, especially in the Algarve and Madeira Islands.
The Global Competitiveness Report for 2005, published by the World Economic Forum, places Portugal on the 22nd position, ahead of countries like Spain, Ireland, France, Belgium and Hong Kong. This table shows that Portugal has stepped two places regarding the 2004 ranking. On the Technology index, Portugal was ranked 20th and on the Public Institutions index Portugal is the 15th best.[1]
A research about standard of living by Economist Intelligence Unit or EIU Quality-of-life Survey places Portugal as the 20th country with best quality of life in the world.

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