Economic history of Portugal

Economic history of Portugal is the history of how Portugal's economy has developed and changed over time. In ancient times, the Portuguese were very successful in trade with other countries, making money from selling products like wine, salt and fish. As the years went by, Portugal became a major trading nation and a world power. It built up a large empire that stretched across the world, sending out ships to explore and create new trade routes. For centuries, Portugal was a global leader in the spice trade and the slave trade, and its empire gave it a great deal of wealth and power. However, during the 1800s, the country fell into a period of economic decline. This was mainly because of wars, poor farming techniques and a lack of new technologies. During the 1900s, the government invested heavily in new infrastructure and education, which helped the Portuguese economy to begin to recover. By the end of the century, Portugal had become an important member of the European Union, making it a modern, prosperous country.