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The PSI is Portugal's most selective and widely known stock index. The International Monetary Fund issued an update report on the economy of Portugal in late-June with a strong near-term outlook and an increase in investments and exports over previous years.
Because of a surplus in , the country was no longer bound by the Excessive Deficit Procedure which had been implemented during an earlier financial crisis.
The banking system was more stable, although there were still non-performing loans and corporate debt. The IMF recommended working on solving these problems for Portugal to be able to attract more private investment.
Agriculture in Portugal is based on small to medium-sized family-owned dispersed units. The country produces a wide variety of crops and livestock products, including: tomatoes , citrus , green vegetables , rice , wheat , barley , maize , olives , oilseeds , nuts , cherries , bilberry , table grapes , edible mushrooms , dairy products , poultry and beef.
Traditionally a sea power, Portugal has had a strong tradition in the Portuguese fishing sector and is one of the countries with the highest fish consumption per capita.
Portuguese-processed fish products are exported through several companies, under a number of different brands and registered trademarks, such as Ramirez , the world's oldest active canned fish producer.
Portugal is a significant European minerals producer and is ranked among Europe's leading copper producers. The nation is also a notable producer of tin , tungsten and uranium.
However, the country lacks the potential to conduct hydrocarbon exploration and aluminium , a limitation that has hindered the development of Portugal's mining and metallurgy sectors.
Although the country has vast iron and coal reserves — mainly in the north — after the revolution and the consequent economic globalization , low competitiveness forced a decrease in the extraction activity for these minerals.
The Panasqueira and Neves-Corvo mines are among the most recognized Portuguese mines that are still in operation. The largest lithium mine in Europe is operated by Grupo Mota, Felmica, in the Guarda region, which is estimated to have reserves for 30 years of production.
It has 5 more deposits in its possession. Lithium prices have risen in expectation of growing demand for the mineral, which is used in batteries for electric vehicles and for storing electricity from the power grid.
Europe consumes more than 20 per cent of the global supply of battery-grade lithium but currently has to import all its supplies of the mineral.
The so-called reverse circulation drilling program included 15 holes with around 2, metres of total drilling. The objective is to extend resources by integrating the data from drilling results with the expansion expected with the ongoing campaign.
Volkswagen Group's AutoEuropa motor vehicle assembly plant in Palmela is among the largest foreign direct investment projects in Portugal.
Modern non-traditional technology-based industries, such as aerospace , biotechnology and information technology , have been developed in several locations across the country.
Following the turn of the 21st century, many major biotechnology and information technology industries have been founded, and are concentrated in the metropolitan areas of Lisbon , Porto , Braga , Coimbra and Aveiro.
The banking and insurance sectors performed well until the financial crisis of — , and this partly reflected a rapid deepening of the market in Portugal.
While sensitive to various types of market and underwriting risks , it has been estimated that overall both the life and non-life sectors will be able to withstand a number of severe shocks, even though the impact on individual insurers varies widely.
Travel and tourism continue to be extremely important for Portugal. It has been necessary for the country to focus upon its niche attractions, such as health, nature and rural tourism, to stay ahead of its competitors.
Portugal is among the top 20 most-visited countries in the world, receiving an average of 20,, foreign tourists each year. Lisbon attracts the sixteenth-most tourists among European cities  with seven million tourists occupying the city's hotels in Also, between 5—6 million religious pilgrims visit Fatima each year, where apparitions of the Blessed Virgin Mary to three shepherd children reportedly took place in The Portuguese government continues to promote and develop new tourist destinations, such as the Douro Valley , the island of Porto Santo , and Alentejo.
The legend of the Rooster of Barcelos tells the story of a dead rooster's miraculous intervention in proving the innocence of a man who had been falsely accused and sentenced to death.
The Rooster of Barcelos is bought by thousands of tourists as a national souvenir. A number of both national and multinational high-tech and industrial companies, are also responsible for research and development projects.
One of the oldest learned societies of Portugal is the Sciences Academy of Lisbon , founded in Iberian bilateral state-supported research efforts include the International Iberian Nanotechnology Laboratory and the Ibercivis distributed computing platform, which are joint research programmes of both Portugal and Spain.
Portugal is a member of several pan-European scientific organizations. With the emergence and growth of several science parks throughout the world that helped create many thousands of scientific, technological and knowledge-based businesses, Portugal started to develop several  science parks across the country.
Companies locate in the Portuguese science parks to take advantage of a variety of services ranging from financial and legal advice through to marketing and technological support.
The European Innovation Scoreboard , placed Portugal-based innovation in the 15th position, with an impressive increase in innovation expenditure and output.
By the earlys, Portugal's fast economic growth with increasing consumption and purchase of new automobiles set the priority for improvements in transportation.
Again in the s, after joining the European Economic Community , the country built many new motorways. Opened in , the first motorway which linked Lisbon to the National Stadium was an innovative project that made Portugal one of the first countries in the world to establish a motorway this roadway eventually became the Lisbon-Cascais highway, or A5.
Although a few other tracts were created around and , it was only after the beginning of the s that large-scale motorway construction was implemented.
In , Brisa , the highway concessionaire, was founded to handle the management of many of the region's motorways. On many highways, a toll needs to be paid see Via Verde.
Vasco da Gama bridge is the longest bridge in Europe at Lisbon's geographical position makes it a stopover for many foreign airlines at several airports within the country.
The primary flag-carrier is TAP Air Portugal , although many other domestic airlines provide services within and without the country.
The government decided to build a new airport outside Lisbon, in Alcochete , to replace Lisbon Portela Airport , though this plan has been suspended due to austerity measures.
One other important airport is the Aeroporto Internacional das Lajes on the island of Terceira in the Azores. This airport serves as one of two international airports serving countries outside the European Union for all nine islands of the Azores.
It also serves as a military air base for the United States Air Force. The base remains in use to the present day.
A national railway system that extends throughout the country and into Spain, is supported and administered by Comboios de Portugal CP.
The railway network is managed by Infraestruturas de Portugal while the transport of passengers and goods are the responsibility of CP, both public companies.
In , the CP carried ,, passengers and 9,, tonnes 9,, long tons ; 10,, short tons of goods. In Porto , a tram network , of which only a tourist line on the shores of the Douro remains, began construction on 12 September a first for the Iberian Peninsula.
All major cities and towns have their own local urban transport network, as well as taxi services. Portugal has considerable resources of wind and river power, the two most cost-effective renewable energy sources.
Since the turn of the 21st century, there has been a trend towards the development of a renewable resource industry and reduction of both consumption and use of fossil fuels.
New programmes combine wind and water: wind-driven turbines pump water uphill at night, the most blustery period; then the water flows downhill by day, generating electricity, when consumer demand is highest.
Portugal's distribution system is also now a two-way street. Instead of just delivering electricity, it draws electricity from even the smallest generators, like rooftop solar panels.
The government aggressively encouraged such contributions by setting a premium price for those who buy rooftop-generated solar electricity.
In and according to more up-to-date figures, the population decreased to 10,,, although it was an increase compared with The most important demographic influence in the modern Portuguese seems to be the oldest one; current interpretation of Y-chromosome and mtDNA data suggests that the Portuguese have their origin in Paleolithic peoples that began arriving to the European continent around 45, years ago.
All subsequent migrations did leave an impact, genetically and culturally, but the main population source of the Portuguese is still Paleolithic.
Genetic studies show Portuguese populations not to be significantly different from other European populations. With a low confidence range there are Scandinavian and East European genetical markers.
These maritime contacts and the prevalence of R1b haplogroup as the main genetical marker of these countries suggest a common ancestry and cultural proximity.
Other maritime contacts with the Mediterranean especially with Greeks, Phoenicians, Romans and Moors add some particular phenotypes in Southern Portugal and particularly Southern Spain Tartessos culture making Portugal and Northwestern Spain a bridge between North Western Europe and the Mediterranean but maintaining the Atlantic character.
Despite the good economic development in the past three decades the Portuguese were the shortest in Europe since This emerging height gap took place in the s and has increased since.
One of the driving factors was the modest real wage development, given the late industrialization and economic growth in Portugal compared to the European core.
Another determinant was the delayed human capital formation. The total fertility rate TFR as of [update] was estimated at 1. The structure of Portuguese society is characterized by a significant inequality which in placed the country in the lowest seventh of the Social Justice Index for the European Union.
Portugal's parliament in approved a budget plan for that includes tax breaks for returning emigrants in a bid to lure back those who left during the financial crisis of — The expansionary budget, backed by a left-wing majority in parliament, also aims to boost the purchasing power of households while cutting the already low deficit even further.
Returning emigrants will be allowed to declare only half their taxable income for five years if they return, provided they lived abroad for at least three years.
The "Return Programme" is to run for two years. Around , residents left Portugal between and after the Great Recession.
Although some , have since returned, Lisbon wants to tempt the rest to come home — in a similar scheme to the Irish one. Furthermore, Emigrants returning in and will see their taxes halved as part of the stimulus to bring native Portuguese back and revitalize the population and promote continued economic growth  — as Portugal struggles with a low birth rate and an ageing population.
According to projections by the national statistics office, Portugal's population will fall to 7. In , Portugal had 10,, inhabitants of whom about , were legal immigrants.
Portugal's colonial history has long since been a cornerstone of its national identity, as has its geographic position at the south-western corner of Europe, looking out into the Atlantic Ocean.
It was one of the last western colonial European powers to give up its overseas territories among them Angola and Mozambique in , turning over the administration of Macau to the People's Republic of China at the end of Consequently, it has both influenced and been influenced by cultures from former colonies or dependencies, resulting in immigration from these former territories for both economic and personal reasons.
Portugal, long a country of emigration the vast majority of Brazilians have Portuguese ancestry ,  has now become a country of net immigration,  and not just from the last Indian Portuguese until , African Portuguese until , and Far East Asian Portuguese until overseas territories.
An estimated , Portuguese returned to Portugal as the country's African possessions gained independence in Since the s, along with a boom in construction , several new waves of Ukrainian , Brazilian , Lusophone Africans and other Africans have settled in the country.
Portugal's Romani population is estimated to be at about 40, Numbers of Venezuelan , Pakistani and Indian migrants are also significant.
The workers sometimes get paid less than half the minimum pay established by law. In the interior of the Alentejo there are many African workers.
In addition, a number of EU citizens , mostly from the United Kingdom or other northern European countries, have become permanent residents in the country with the British community being mostly composed of retired pensioners who live in the Algarve and Madeira.
According to the Census, Some 6. Many Portuguese holidays, festivals and traditions have a Christian origin or connotation.
Although relations between the Portuguese state and the Roman Catholic Church were generally amiable and stable since the earliest years of the Portuguese nation, their relative power fluctuated.
In the 13th and 14th centuries , the church enjoyed both riches and power stemming from its role in the reconquest , its close identification with early Portuguese nationalism and the foundation of the Portuguese educational system, including its first university.
The growth of the Portuguese overseas empire made its missionaries important agents of colonization , with important roles in the education and evangelization of people from all the inhabited continents.
The growth of liberal and nascent republican movements during the eras leading to the formation of the First Portuguese Republic —26 changed the role and importance of organized religion.
Portugal is a secular state : church and state were formally separated during the First Portuguese Republic, and this was reiterated in the Portuguese Constitution.
Other than the Constitution, the two most important documents relating to religious freedom in Portugal are the Concordata later amended in between Portugal and the Holy See and the Religious Freedom Act.
Portuguese is the official language of Portugal. It is a Romance language that is derived from Galician-Portuguese , which was spoken in what is now Galicia and Northern Portugal.
There are still many similarities between the Galician and Portuguese cultures. Galicia is a consultative observer of the Community of Portuguese Language Countries.
The Portuguese language is derived from the Latin spoken by the romanized pre-Roman peoples of the Iberian Peninsula around years ago — particularly the Celts ,  Conii ,  Lusitanians  and Turduli.
These countries, plus Macau Special Administrative Region People's Republic of China where Portuguese is co-official with Cantonese , make up the Lusosphere , a term derived from the ancient Roman province of " Lusitania ", which currently matches the Portuguese territory south of the Douro river.
Mirandese is also recognized as a co-official regional language in some municipalities of North-Eastern Portugal.
It is part of the Astur-Leonese group of languages. According to the International English Proficiency Index , Portugal has a high proficiency level in English , higher than those of other Romance-speaking European countries like Italy, France or Spain.
The educational system is divided into preschool for those under age 6 , basic education 9 years, in three stages, compulsory , secondary education 3 years, compulsory since , and higher education subdivided in university and polytechnic education.
Universities are usually organized into faculties. Institutes and schools are also common designations for autonomous subdivisions of Portuguese higher education institutions.
The total adult literacy rate is Portuguese primary school enrolments are per cent. According to the Programme for International Student Assessment PISA , the average Portuguese year-old student, when rated in terms of reading literacy, mathematics and science knowledge, is placed significantly above the OECD 's average, at a similar level as those students from Norway, Denmark and Belgium, with points is the average.
In addition to being a destination for international students , Portugal is also among the top places of origin for international students.
All higher education students, both domestic and international, totalled , in Portuguese universities have existed since The oldest Portuguese university  was first established in Lisbon before moving to Coimbra.
Presently, the largest university in Portugal is the University of Lisbon. The Bologna process has been adopted by Portuguese universities and poly-technical institutes in Higher education in state-run educational establishments is provided on a competitive basis, a system of numerus clausus is enforced through a national database on student admissions.
However, every higher education institution offers also a number of additional vacant places through other extraordinary admission processes for sportsmen, mature applicants over 23 years old , international students , foreign students from the Lusosphere , degree owners from other institutions, students from other institutions academic transfer , former students readmission , and course change, which are subject to specific standards and regulations set by each institution or course department.
Most student costs are supported with public money. However, with the increasing tuition fees a student has to pay to attend a Portuguese state-run higher education institution and the attraction of new types of students many as part-time students or in evening classes like employees, businessmen, parents, and pensioners, many departments make a substantial profit from every additional student enrolled in courses, with benefits for the college or university's gross tuition revenue and without loss of educational quality teacher per student, computer per student, classroom size per student, etc.
Portugal has entered into cooperation agreements with the Massachusetts Institute of Technology and other US institutions to further develop and increase the effectiveness of Portuguese higher education and research.
According to the Human Development Report , the average life expectancy in Portugal had reached 82 years in ,  in it is estimated at Portugal ranks 12th in the best public health systems in the world, ahead of other countries like the United Kingdom , Germany or Sweden.
The SNS provides universal coverage. Five regional health administrations are in charge of implementing the national health policy objectives, developing guidelines and protocols and supervising health care delivery.
Decentralization efforts have aimed at shifting financial and management responsibility to the regional level.
In practice, however, the autonomy of regional health administrations over budget setting and spending has been limited to primary care.
The SNS is predominantly funded through general taxation. Employer including the state and employee contributions represent the main funding sources of the health subsystems.
In addition, direct payments by the patient and voluntary health insurance premiums account for a large proportion of funding.
Similar to the other Eur-A countries, most Portuguese die from noncommunicable diseases. Cancer is more frequent among children as well as among women younger than 44 years.
Although lung cancer slowly increasing among women and breast cancer decreasing rapidly are scarcer, cervical cancer and prostate cancer are more frequent.
Portugal has the highest mortality rate for diabetes in the Eur-A, with a sharp increase since the s. Portugal's infant mortality rate is around 2 deaths per newborns, with 2.
People are usually well informed about their health status, the positive and negative effects of their behaviour on their health, and their use of health care services.
Yet their perceptions of their health, can differ from what administrative and examination-based data show about levels of illness within populations.
Thus, survey results based on self-reporting at household level, complement other data on health status and the use of services. Only one third of adults rated their health as good or very good in Portugal Kasmel et al.
This is the lowest of the Eur-A countries reporting and reflects the relatively adverse situation of the country in terms of mortality and selected morbidity.
Portugal has developed a specific culture while being influenced by various civilizations that have crossed the Mediterranean and the European continent, or were introduced when it played an active role during the Age of Discovery.
In the s and s decade , Portugal modernized its public cultural facilities, in addition to the Calouste Gulbenkian Foundation established in in Lisbon.
Traditional architecture is distinctive and include the Manueline , also known as Portuguese late Gothic a sumptuous, composite Portuguese style of architectural ornamentation of the first decades of the 16th century, followed by Pombaline style of the 18th century.
A 20th-century interpretation of traditional architecture, Soft Portuguese style , appears extensively in major cities, especially Lisbon.
Portuguese cinema has a long tradition, reaching back to the birth of the medium in the late 19th century. Portuguese literature, one of the earliest Western literatures, developed through text as well as song.
Until , the Portuguese-Galician troubadours spread their literary influence to most of the Iberian Peninsula.
Portuguese cuisine is very diverse. The Portuguese consume a lot of dry cod bacalhau in Portuguese , for which there are hundreds of recipes.
Two other popular fish recipes are grilled sardines and caldeirada , a tomato-based stew that can be made from several types of fish with a mix of onion, garlic, peppers, potatoes, tomatoes, parsley or coriander.
A very popular northern dish is dobrada , a tripe with white beans and carrots stew, often served with steamed white rice. Peri-peri chicken is a spicy charcoal chicken dish served with rice and vegetables, a favourite throughout Portugal, but most common in the Algarve region.
The Portuguese art of pastry has its origins in the many medieval Catholic monasteries spread widely across the country. Portuguese cuisine is very diverse, with different regions having their own traditional dishes.
The Portuguese have a culture of good food, and throughout the country there are myriads of good restaurants and typical small tasquinhas.
Portuguese wines have enjoyed international recognition since the times of the Romans, who associated Portugal with their god Bacchus.
Today, the country is known by wine lovers and its wines have won several international prizes.
Port and Madeira are particularly appreciated in a wide range of places around the world. Portuguese music encompasses a wide variety of genres.
Of course, had Odysseus actually come to Portugal, he would have found the land already well settled by the Lusitani.
Lusitani tribes battled the Romans for generations before acceding to empire, whereupon Rome established several important towns and ports; the Roman presence can be seen in the very name of the country, which derives from Portus Cale, a settlement near the mouth of the Douro River and the present-day city of Porto.
Later, the descendants of Romans and the Lusitani would live under Moorish rule for several centuries until an independent kingdom was established.
Much of that empire was quickly lost, but even then Portugal retained sizable holdings along the African coast, in southern and eastern Asia , and in South America.
Attendance: 47, . Metalist Stadium , Kharkiv. Attendance: 32, . Referee: Harald Lechner Austria. Attendance: 2, . Attendance: 65, .
Referee: Anthony Taylor England. Attendance: 18, . Referee: Ruddy Buquet France. Attendance: 1,  [note 3].