Portugal is a founding member of the European Union and the euro zone. According to the World Bank, the Portuguese economy is the 43rd largest in the world and over the past 40 years one of the OECD economies with highest GDP growth rate.
Having joined the EU in 1986, the country went through a period of strong reforms and investments, mainly in infrastructures, that contributed to a rapid acceleration in Gross Domestic Product. According to OECD, between 1970 and 2003, GDP per capita measured in Parity Purchasing Power (PPP) has grown from 50% to about 70% of the same indicator.
The structure of Portuguese economy is based on the services industry. In 2008, this sector accounted for 73.6% of gross value-added (GVA) and employed 59.3% of the working population. Agriculture, forestry and fisheries generated 2.4% of gross value-added against 24% in 1960 and created 11.5% of the available jobs. Industry, construction, energy and water generated 24% of GVA and accounted for 29.3% of the jobs created.
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Over the past years, Portuguese economy has made a significant change in manufacturing moving from high dependence on textiles, footwear and others to new sectors involving larger incorporation of technology: motor vehicles and components, electronics, pharmaceuticals and new technologies. Since 2007, Portugal has increased its exports and is exporting more technology and innovative products such as pharmaceutical products.
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