The Economy of Portugal
From Empire to Dictatorship
Portugal's early global empire gave way to centuries of relative decline, and a long dictatorship until 1974 held back the economy.
History explains a lot.
Age of discovery
Portuguese explorers reached India and Brazil in the 15th and 16th centuries, bringing spices and gold.
Decline
Wealth from trade and colonies did not build lasting industry.
Estado Novo
Under António Salazar from 1932, the state was authoritarian and economically inward-looking, with low education.
Wars and emigration
Colonial wars in Africa and poverty led many Portuguese to emigrate.
Emigrant workers
Portuguese workers in France and Germany sent money home to their families.
Assuming empire brought lasting prosperity
Wealth was not invested in development.
Key takeaways
- The empire began in the 15th century.
- Salazar's regime was inward-looking.
- Emigration was common.
- Colonial wars drained resources.
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