Portugal
The light green area is the rest of the European Union
Portugal was the 47th largest economy in the world by nominal GDP in 2018. Its GDP per capita was $23,146 USD. Portugal is the westernmost country in mainland Europe. It was ranked 16th in the World Bank's Human Capital Index and 48th in the Economic Complexity Index in 2017. It is a member of the EU and OECD. Services was the largest economic sector in 2018 (65 percent of GDP), followed by manufacturing (12.4 percent), and agriculture (1.96 percent). In 2017, the largest export sectors were services (35.6 percent), agriculture (12.7 percent), textiles (10.7 percent), chemicals (7.85 percent), and vehicles (7.5 percent). The largest individual exports were travel and tourism (17.9 percent), ICT services (9.5 percent), and transport services (7.7 percent). Its largest export partners were Spain (21.4 percent), France (11.7 percent), Germany (11.05 percent), the UK (6.08 percent), and the US (5.45 percent). The largest goods imports were crude oil (6.68 percent), cars (5.97 percent), parts of motor vehicles (2.53 percent), and packaged medicaments (2.48 percent). Portugal was among the richest countries in the world in the seventeenth and eighteenth centuries, but declining growth and a growing population saw a decline in relative income levels during the nineteenth century. Strong relative growth only reemerged in the 1950s as the economy liberalised trade. The economy suffered in the 1970s because of a policy of nationalisation in the aftermath of the 1974 revolution. However the revolution and the threat of communist rule also prompted the EEC to court Portugal, with Portugal joining in 1986. As a result, the economy grew strongly in the 1980s and 1990s. The economy struggled in the 2000s because of increased international competition and increased competition from within the EU after Portugal adopted the euro. One of the key structural problems was low formal education which resulted in low labour productivity and a tendency towards labour intensive industries, such as textiles. Portugal was hit hard by the global financial crisis, experiencing recession in 2009. In 2011, it received an EU-IMF bailout, which included austerity measures. Portugal exited the bailout program in 2014 and by 2015 growth had returned. The economy has recovered gradually from the crisis with increases in productivity, exports, and private consumption. Key reforms included labour market reforms and better business regulations. A tourist boom has also helped. The government has also been able to reduce its debt but needs to remain vigilant. In 2018, Portugal repaid the IMF bailout ahead of schedule.