As an example, Quimigal, the chemical and fertilizer entity, represented a merger of five firms. (Elbl 31-75) The recordkeeping in that time wasn’t very efficient. In contrast to the pre-revolutionary period, 1961–73, when the industrial sector grew by 9 percent annually and its contribution to GDP expanded, industry's share narrowed from 44 to 38.4 percent of GDP. Losses were concentrated in transportation and to a lesser extent transport equipment and materials (principally shipbuilding and ship repair). Because of the key role of the domestic banks as holders of stock, the government indirectly acquired equity positions in hundreds of other firms. Finally, although privately owned, the tobacco companies were operated under government concessions. The bulk of these transfers were "structural" funds that were used for infrastructure developments and professional training. Thousands of miles down the coast, in Angola, the Portuguese found it harder to consolidate their early advantage against encroachments by Dutch, British, and French rivals. "[citation needed], A detailed analysis of Portugal's loss of managerial resources is contained in Harry M. Makler's follow-up surveys of 306 enterprises, conducted in July 1976, and again in June 1977. As a result, there was a sharp and rapid decrease in the output of tradable goods and a rise of the importance of the non-tradable goods sector in the Portuguese economy. [57] The protest of Portuguese Armed Forces captains against a decree law: the Dec. Lei nº 353/73 of 1973. More than a million men, women, and children were shipped from this region across the Atlantic. Portuguese economic growth in the period 1960–1973 under the Estado Novo regime (and even with the effects of an expensive war effort in African territories against independence guerrilla groups from 1961 onwards) created an opportunity for real integration with the developed economies of Western Europe. Compounding the problem of massive nationalizations was the brain drain of managerial and technical expertise away from public enterprises. In 1989 the borrowing requirements of those enterprises fell further to 1 percent of GDP. Because bank officials were often members of the boards of directors of borrowing firms in whose stock the banks participated, the influence of the large banks extended to a host of commercial, industrial, and service enterprises. The Global Competitiveness Report for 2005, published by the World Economic Forum, placed Portugal 22nd, ahead of countries and territories such as Spain, Ireland, France, Belgium, and Hong Kong. On 1 February 1908, King Carlos I was assassinated while travelling to Lisbon. [48] By the late 1950s, a growing number of industrialists, as well as government technocrats, favored greater Portuguese integration with the industrial countries to the north, as a badly needed stimulus to Portugal's economy. Moody's credit rating for Portugal was last set at Baa3 with positive outlook. Similarly, for several years, the Portuguese subsidiaries of large multinational companies, such as Siemens Portugal, Volkswagen Autoeuropa, Qimonda Portugal, IKEA, Nestlé Portugal, Microsoft Portugal,[9] Unilever/Jerónimo Martins, and Danone Portugal, ranked among the best in the world for productivity. [75] Lack of government regulation; easy lending in the housing market, including Spain's and US markets, meant anyone could qualify for a home loan with no government regulations in place, and with key players, including bankers and politicians in several countries, making the wrong financial decisions, saw the world's biggest financial collapse. The country adopted the euro in 1999. Under the sixteen-year parliamentary regime of the republic, with its forty-five governments, growing fiscal deficits, financed by money creation and foreign borrowing, climaxed in hyper-inflation , all made possible by the introduction of paper money after leaving the gold standard as did many other countries during the First World War,[45] and a moratorium on Portugal's external debt service. The transatlantic slave trade began during the 15th century when Portugal, and subsequently other European kingdoms, were finally able to expand overseas and reach Africa. In the case of the Kingdom of Portugal it happened in the 13th century; in the Algarve. Dr Fisher's examination of Anglo-Portuguese trade between 1700 and 1770, and of the commercial links between the English North American colonies and Portugal, thus gives a wider perspective to our knowledge of the English 'Commercial Revolution'. Furthermore, Portuguese membership in the EC created the imperative for a number of changes in the tax system, especially the introduction of the value-added tax. Hodder, Some Comments on the Origins of Traditional Markets in Africa South of the Sahara – Transactions of the Institute of British Geographers, 1965 – JSTOR, Transformations in Slavery by Paul E. Lovejoy – Cambridge University Press, 2000, H. Miner, The City in Modern Africa – 1967. The Portuguese found they could make considerable amounts of gold by transporting slaves from one trading post to another, along the Atlantic coast of Africa: Muslim merchants had a high demand for slaves, which were used as porters on the trans-Saharan routes, and for sale in the Islamic Empire. Favorable exogenous factors (lower oil prices, lower interest rates, and depreciation of the dollar) helped to moderate operating costs. The contribution of the empire to Portugal's economic growth, 1500–1800", http://www.infopedia.pt/$movimento-das-forcas-armadas-(mfa), A Guerra Colonial na Guine/Bissau (07 de 07), https://books.google.com/books?id=TqRn1lAypsgC&pg=PA128&dq=Financial+crisis+1974+Portugal#PPA129,M1, Arquivo Electrónico: Otelo Saraiva de Carvalho, Maior queda nos bens e serviços transaccionáveis aconteceu entre 1988 e 1993, Portugueses perderam poder de compra entre 2005 e 2007 e estão na cauda da Zona Euro, Commission assesses stability programmes of Greece and Portugal, http://www.economist.com/world/europe/displaystory.cfm?story_id=9009032, População desempregada aumentou 65% em cinco anos, Standard and Poor's pessimistic on Portugal, Aleia vai montar avião até agora vendido em kit e jactos portugueses em 2011, Évora aprova isenções fiscais aos projectos da Embraer, Public Employment in European Union Member States, A Década, o Emprego Público em Números 1996–2005, Boletim do Observatório do Emprego Público, Síntese Estatística do Emprego Público – 4.º trimestre 2013, "BPN: Oliveira Costa vendeu a Cavaco e filha 250 mil ações da SLN", "Oliveira Costa é vizinho de Cavaco no Algarve", "Dias Loureiro entre os dirigentes do PSD no processo-crime do BPN", "EU summit begins in the shadow of Portugal's crisis", "Portugal Q2 Unemployment Rate Rises To Record High", "UNEMPLOYMENT: PORTUGAL'S WOES DEEPEN; 950,000 WITHOUT JOBS The country's unemployment figures have risen even further, with the number of jobless surpassing 950,000", "Nove dias após tomar posse Passos já estava a ir além da troika", "Portugal seeks market access with $5 bln bond exchange", "Portugal aims to cut 30,000 civil service jobs", "Portugal: A Peripheral Country at a Crossroads", "Portugal: Staff Concluding Statement of the 2017 Article IV Mission", https://en.wikipedia.org/w/index.php?title=Economic_history_of_Portugal&oldid=990841702, Articles with Portuguese-language sources (pt), Articles with dead external links from August 2019, Articles with permanently dead external links, Articles with unsourced statements from February 2016, Articles needing additional references from July 2012, All articles needing additional references, Articles with unsourced statements from October 2010, Articles with unsourced statements from May 2011, Articles with unsourced statements from March 2014, Articles with failed verification from February 2019, Articles with unsourced statements from May 2013, Wikipedia articles incorporating text from the Library of Congress Country Studies, Creative Commons Attribution-ShareAlike License. But, as a member of the EC, Portugal would eventually have to accept investment from other member countries on parity with investment of its nationals. Download historical data for 20 million indicators using your browser. [17] In 1297, with the Reconquista completed, King Denis pursued policies on legislation and centralization of power, adopting Portuguese as the official language. It remained the capital of Portuguese Brazil for more than two centuries, until replaced by Rio de Janeiro in 1763. Moreover, he created several new towns, such as Guarda in 1199, and took great care in populating remote areas. Additionally, the general European economic growth, including the Portuguese one, came to an end after the oil price shock of 1973. They maintained much of the Roman legacy; they repaired and extended Roman infrastructure, using it for irrigation, while introducing new agricultural practices and novel crops, such as sugar cane, rice, citrus fruit, apricots, and cotton. 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