Industry in Lisbon

Lisbon is the wealthiest city in Portugal and has a per capita GNP higher than the European average. Its port is one of the most active on the European Atlantic Coast and is equipped with docks where cruise ships can moor, and there are several marinas for recreational craft. Traditionally Lisbon has had an economy built on Portugal’s tourism and agricultural products, such as cork, wine, textiles, leather footwear, wood pulp, paper and olive oil.

The capital has become a diversified and increasingly service-based economy since joining the European Community in 1986 and over the past two decades various governments have broken up and privatised most state-controlled monopolies and liberalised key areas of the economy, including the banking, energy and telecommunications sectors. Portugal entered the European Monetary Union (EMU) in 1998 and began using the euro on 1 January 2002 along with 11 other EU member states. Portugal’s economic growth had been above the EU average over the 1990s but slipped back between 2001 to 2008. GDP per capita now stands at roughly two-thirds of the EU-25 average, although a poor educational system has slowed down greater productivity and growth.