Portugal Economy

Working abroad sounds like an adventure to many people. However, job search in Portugal requires more than just the obvious Portugal CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to find Portugal jobs.

Do not take too lightly the influence a work in Portugal can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar candidate selection criteria and extraordinary management culture.

art_warning Portugal EconomyMost visits to Portugal are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Portugal economy - overview: Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past two decades, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country qualified for the European Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002.

Economic growth had been above the EU average for much of the 1990s, but fell back in 2001-08. A poor educational system, in particular, has been an obstacle to greater productivity and growth. Portugal has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a target for foreign direct investment.

Portugal's low competitiveness, low growth prospects, and high levels of public debt have made it vulnerable to bond market turbulence. The government reduced the budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made possible only by the extraordinary revenues obtained from the one-time transfer of bank pension funds to the social security system.

Without the option for stimulus measures, the government is focusing on boosting exports and implementing labor market and other structural reforms to try to raise GDP growth and increase Portugal's competitiveness - which, over time, may help mitigate investor concerns.

Labor force - by occupation: agriculture: 10%, industry: 30%, services: 60% (2007 est.)

Unemployment rate: 12.4% (2011 est.), 7.6% (2008 est.), 4.7% (2002 est.)

Natural resources: fish, forests (cork), tungsten, iron ore, uranium ore, marble, arable land, hydropower

Industries: textiles and footwear; wood pulp, paper, cork, metalworking, oil refining; chemicals, fish canning, wine, tourism

euro_banknotes Portugal EconomyCurrency: Euro (EUR; symbol €) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10, 5, 2 and 1 cents.

Credit/Debit Cards and ATMs: All major credit cards are widely accepted. ATMs are widely available.

Traveler’s cheques: These are readily exchanged. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Euros.

Exchange rates: Exchange rates: Euros (EUR) per US dollar - 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009 est.), 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Inflation rate (consumer prices): 3.2% (2011 est.), 2.9% (2008 est.)

Other Portugal Economy Info

We hope that your Portugal job search has been successful and you will get Portugal visa too. So, if your Portugal cover letter and Portugal CV are ready, you may distribute them to your future employers and start preparing for a Portugal job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Portugal economy info!

Copyright © 2017 International Job Search Online. All Rights Reserved.