Seven Major Sources of Economic Progress
world rank: 64 overall score:65.3
- Population: 10.6 Million /316.4 Million
- GDP: $244.8 Billion /16.8 Trillion
- GDP Growth: 1.4% /1.9%
- GDP Per Capita: $23,068 /$53,101
- Unemployment: 16.9% /7.5%
- Inflation: 0.4% /1.5%
- Foreign Direct Investment: $3.1 Billion /$187.5 Billion
the Portugal legal system is slow but its works solidly. Portugal needs to crack down on bribery charges.The judiciary is constitutionally independent. there is alot of trails on hold and they need to become more efficient.
the markets are a very competitive thing. they are constantly one upping each other making the products forced to be better and better. many businesses make a great profit in the economy.
Portugal’s income tax rate is 48 percent, and its corporate tax rate is 23 percent ). Other taxes include a value-added tax. Total tax revenue are 32.5 percent of domestic econ. Public expenditures amount to 48.7 percent of the homeland econ, and public debt is 30 percent of GDP.
the rules of the portugal econ are very easy to understand. There is no minimum capital requirement for starting a business. to reduce severance payments and fix the unemployment insurance system have been stared. The country keeps a generous mortgage system to make homeownership.
EU has a 1 percent average tariff rate. there some non-tariff barriers, the EU is open to external trade. The government checks foreign investment in several places. The overall financial system has been sketchy without significant disruption. but banking continues to be in trouble, dependent from the European Central Bank for help
. The tax rates in portugal are slightly above average.Tax revenue in Portugal was at at 32.5% of GDP in 2013. The corporate tax rate in Portugal is 23%.They attempt to keep taxes at responsible rate for people to stay producing
Annual incomeTax rate
In between €0 and €7,000 14.5%
In between €7,000 and €20,000 28.5%
In between €20,000 and €40,000 37%
In between €55,000 and €80,000 45%
In excess of €80,000 48%
the Portugal economy is middle of some unstability and in some what of a crisis. they are trapped borrowing alot of money and charging to high of tax rates. they need alott of aid. and they charge to high on tariffs .