Portugal

Portugal Overview

Portugal was the world’s richest country when its colonial empire in Asia, Africa, and South America was at its peak. Because this wealth was not used to develop domestic industrial infrastructure, however, Portugal gradually became one of western Europe’s poorest countries in the 19th and 20th centuries. From the mid-1970s, after the Portuguese revolution, the country’s economy was disconnected from Portugal’s remaining overseas possessions in Africa and reoriented toward Europe. In 1986 Portugal joined the European Economic Community (ultimately succeeded by the European Union [EU]), spurring strong and steady economic growth. Similar to those of other western European countries, Portugal’s economy is now dominated by services; manufacturing constitutes a significant share of output, while agricultural output is relatively minor, accounting for less than 3 percent of output. In the early 21st century, economic growth had improved living standards dramatically, raised incomes, and reduced unemployment. In addition, since Portugal’s accession to the EU, large inflows of structural funds, private capital, and direct investment have fostered and sustained development. Portugal was one of the countries hardest hit by the euro-zone debt crisis that erupted in 2009, however, and a raft of government measures proved ineffective at halting the country’s economic meltdown. In 2011 the EU and the International Monetary Fund authorized a €78 billion (about $116 billion) bailout package for Portugal, contingent on the adoption of strict austerity guidelines.

Source: britannica.com

Landscape and growth

Global State of the Market Report

In 2022, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 4,000 professionals on Advisory Boards in Portugal.

Advisory Board Landscape

The assessment has identified low numbers of Advisory Board professionals in Portugal. Minimal participation in the market may indicate:

  • That Advisory Board structures engaged in the country are informal in nature;
  • Advisory Boards are referred as a different name, such as committees, councils or think tanks;
  • Traditional sourcing of advice is more customary for Portugal’s current business environment; or
  • There is a language barrier stemming from the search for Advisory Board professionals being in English.

Future Growth Opportunities

As an emerging sector in Portugal, connection and collaboration with the global Advisor community will present strong future growth opportunities. Further, focusing on key market sectors – wholesale and retail trade, transport and accommodation services – as well as acknowledging start-up and emerging industries are essential. It will also be important for Advisory Board professionals in market to be credentialed to best practice and ethics as this sector grows over time.

Key Statistics

Population 10.25 million
GDP $253,663 USD million
Labour Force by occupation
Agriculture2.5%
Industry24.4%
Services73%
GDP by sector
Agriculture2.19%
Industry19.66%
Services64.75%
Import $113,705 USD million
Export $105,509 USD million
Global ease of doing business rank 29th
Global ease of doing business score 76.84/100