The Republic of Portugal (officially República Portuguesa) is a European state in the west of the Iberian Peninsula. As the westernmost point of continental Europe, the country is bordered by Spain to the east and north and by the Atlantic Ocean to the west and south. The Portuguese territory includes the islands of the Azores and Madeira (with Porto Santo). Portugal is a founding member of NATO (1949) and the OECD (1948) and also a member of the United Nations (since 1955), the Council of Europe (since 1976) and the Schengen Agreement (since 1991).
On 1 January 1986, Portugal and Spain joined the European Communities (EC), which later became the EU. Portugal was then considered the poorest country in the EC. Portugal was also one of the founding members of the euro area. Real interest rates fell after the introduction of the euro in 1999. Large inflows of capital contributed to years of economic growth, although productivity declined. The banking and financial crisis since 2008 also had an impact on the real economy (recession) in Portugal. Within the framework of the euro crisis, Portugal was counted among the PIIGS states particularly affected. In May 2011, the EFSF pledged 78 billion euros in financial assistance to Portugal. Since then, the economic situation has recovered, while the crisis has caused high social follow-up costs: The unemployment rate in April 2017 was 9.8 percent, GDP per inhabitant was 16,900 euros in 2016, and national debt at the end of 2016 was 1.30 times as high as GDP in 2016.
German source: Wikipedia