After suffering more than most other countries during the financial crisis, Portugal is finally seeing the green shoots of growth against the backdrop of austerity that has gripped the country since the financial crisis.
The early 2000s saw Portugal having to claw back revenues lost mainly as a result of Asian competition in textiles, formerly a mainstay of the country’s industrial economy. The government responded well, providing incentives for new businesses in other sectors such as the service industry and manufacture and consequently, the businesses set up after 2000 contributed a quarter of exports in 2012, according to the Bank of Portugal.
Had the Portuguese economy not diversified in response to increased competition before the financial crisis, the outlook today would be extremely bleak. However, it would seem that the future is looking a whole lot brighter for one of Britain’s favourite destinations for real estate investment.
In less than a month’s time, Portugal’s three year Euro Zone bailout programme will come to an end and even towards the end of 2013, it seemed highly likely that the country’s chances of returning to the markets without the aid of a safety net were …read more
Source: Property show rooms