Portugal is bordered by its Iberian Peninsula neighbour, Spain, to the east and the Atlantic Ocean to the west. This location contributed to the country becoming the first major maritime power in the 15th and 17th centuries, opening trade routes and colonial outposts in India and beyond to Japan, Korea and the Far East in Portugal’s ‘age of discovery’.
Portugal has a mixed economy with the service sector, including tourism, accounting for over 65% of GDP. Industry takes close to 20%, while smaller-scale factories with lower labour costs specialise in textiles, designer clothes, and shoes. Wood, especially cork, paper, chemicals, dairy products, wine, ceramics and glassware, also figures significantly in the economic mix.
Portugal’s Atlantic coastline sees a large and diverse fishing and fisheries industry. With a Gross Domestic Product (GDP) of USD 251 billion in 2021, Portugal offers many opportunities for companies planning an expansion there. But going at it without the proper support can increase the costs, time and risks involved. Those challenges can be worked through more efficiently and cost-effectively with the help of a global Professional Employer Organisation (PEO) such as Bradford Jacobs.