Tourism is not only a money and jobs spinner for the Algarve, but for the whole of Portugal too, where 15% of gross domestic product (GDP) is created by the industry.
This is just above the European Union average of 17%, and compares favorably to other Southern European countries, such as Spain (22.2%), Italy (19.4%) and Greece (23.1%).In January 2015, the poverty stats was updated to 2013: 19.5% of the population were at risk of poverty after social transfers, meaning their disposable income was below their national at-risk-of-poverty threshold, which is set at 60% of the national median income per adult equivalent numbering nearly 2 million people. By contrast, in the early 1970s (before the 1974 military coup), Portugal's export list reflected significant product diversification, including both consumer and capital goods. Since the third quarter of 2014, the Portuguese economy has been steadily expanding, with a GDP growth of 0.4% quarterly and 1.5% yearly registered in the second quarter of 2015. Overall, Portugal's financial system is sound, well managed and competitive, with shorter-term risks and vulnerabilities quite well contained, and with the system buttressed by a strong financial policy framework. There was a 16-percentage-point increase in the participation of the services sector from 39 percent of GDP in 1973 to 55.5 percent in 1990. Portugal overtook Greece in terms of GDP per capita in 1992, but fell again below it in 1993, until today.The growth rate of Portuguese merchandise exports during the period 1959 to 1973 was notable – 11 percent per annum. The South has developed an extensive monoculture of cereals and Portugal is a traditional wine grower, and has exported its wines since the dawn of western civilization; The Portuguese fishing industry is fairly large and diversified. Crustaceans were 0.6% of the total landings by weight and 5% by value.
Even during the The objectives of Caetano's pension reform were threefold: enhancing equity, reducing fiscal and actuarial imbalance, and achieving more efficiency for the economy as a whole, for example, by establishing contributions less distortive to labour markets or by allowing the savings generated by pension funds to increase the investments in the economy. Additionally, a number of degrees of the public system were also discontinued due to lack of quality, low demand from potential students or scarce interest from potential employers in these fields. The most important forest resources are the After years of decline, the agriculture in Portugal had a surprising resurgence, involuntarily caused by the Portuguese debt crisis, when a number of highly qualified persons lost their jobs in the tertiary sector and decided to turn themselves to the development of agricultural businesses, despite having little or no experience in this sector.Despite presently representing only a small percentage of the economy, a considerable part of continental Portugal is dedicated to agriculture. Molluscs accounted for only 12% of total landings in weight, but 22% of total landings in value. The unemployment rate has been continuously falling since the end of 2013, marking the reversal of the increase of unemployed people trend that had been recorded since the 2000s.
When pensions are included the percentage goes down to 25.2%. In 1975, the year of maximum revolutionary turmoil, Portugal's per capita GDP declined to 52.3 percent of the EC-12 average. But the economy depends on tourism, which accounts for up to 15 per cent of GDP and has suffered from the coronavirus lockdowns in Portugal and abroad. Inflation under 2% is in green.According to Eurostat in 2011, the General Government expenditure by main function, as a percentage of Total Expenditure, was as follows (compared to the Eurozone and EU averages): Other factors have also impacted the decrease, like the methodology used by the Statistics Portugal (for instance, people doing internships or professional training do not count as unemployed), the previous heavy loss of jobs, the increase of tourism and the resurgence of the agricultural sector, where many jobs were created.Maria da Conceição Cerdeira, one of the authors of a published research study made by the The first quarter of 2013 marked a new unemployment rate record for Portugal, as it reached 17.8 per cent—up from 16.9 per cent in the previous quarter—and the government predicted an 18.5 per cent unemployment rate in 2014.Since 2011, the year when Troika arrived to Portugal to apply the bailout program, around 300,000-360,000 people have left the country, many of them qualified young people.In 2014, unemployment was at 13.9%.
Most of this growth reflected the exacerbated proliferation of civil service employment and the associated cost of In order to qualify for the Economic and Monetary Union (EMU), Portugal agreed to cut its fiscal deficit and undertake structural reforms.
As of 2017 the % GDP contribution from travel and tourism in the Maldives was 76.6%, meaning over three quarters of the economic output of the Maldives is tourist related.
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