Portugese economy

Growth of Portugal

After joining the European Community, Portugalfs growth in terms of economy and its industry risen up. It has become diversified and is known for being a service-based economy. Forests are the major natural resource of Portugal which is why agriculture is an important unit in their economic growth. More than one-third of Portugal is forested. Most of the mountainous areas are well suited to forestry and forest products, such as cork, resins and pine and eucalyptus timber. The market value of these natural products has increased and there is a growing demand for the industry.The most important forest resources are the pine trees, cork oaks, holm oaks, and eucalyptus. Cork is a major production, with Portugal producing half of the world's cork. Products produced through agriculture are grains, potatoes, olives, grapes, sheep, cattle, goats, poultry, beef, and dairy products. The main crops grown in Portugal are cereals (wheat, barley, corn and rice), potatoes, grapes (for wine), olives and tomatoes. Portugal is one of the world's largest exporters of tomato paste and a leading exporter of wines. These overseas sales help offset the cost of imported wheat and meat.Portugal's long coastline and the abundance of fish in the surrounding waters have favoured the development of the fishing industry. Sardines, anchovies and tuna caught near the coasts, together with other species such as codfish from the North Atlantic, largely contribute to food supplies. The fish industry has prospered and its products are exported all over the world.