Portugal, a democratic republic located on the Iberian Peninsula in Southwestern Europe, is bordered by the Atlantic Ocean to the west and south and Spain to the east and north. It is divided into 18 districts, with Lisbon as the capital. The official language of Portugal is Portuguese, and the currency is the euro (EUR).
A global maritime power during the 15th and 16th centuries, Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822.
Portugal is a founding member of the North Atlantic Treaty Organization (NATO) and entered the European Union (EU) in 1986. Portugal has become a diversified and increasingly service-based economy since joining the European Community in 1986. Over the past two decades, successive governments have privatised many state-controlled firms and liberalised key areas of the economy, including the financial and telecommunications sectors. Part of the European Monetary Union (EMU) since 1998, Portugal began circulating the euro on 1 January 2002. In 2016, gross domestic product (GDP) increased 1.2%, and it is estimated that a 1.4% increase will take place in 2017. These should be driven by increased external demand that will lead to increasing exports of goods and services. Additionally, it is estimated that private corporate investment will increase in this period, further contributing to the GDP increase.
PwC Portugal supports clients with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms. The firm provides assurance, advisory, and tax services, not only in Portugal but also through a local presence in Cabo Verde.