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Global Development: Part II Europe
Portugal
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Portugal became an independent and separate country from Spain in 1143 and today is a member of the European Union. Its 9.96 million citizens have a per capita income of $10,885. The 1998 GDP reached $108 billion. Inflation is around 2.4% with an exchange rate of $183.20 escudos=$1.00.
The top income tax rate is 40% (average: 25%). The top corporate tax rate is 34%, the capital gains tax, 36%, the value-added tax,
4-17%, plus a 10% real estate tax and a 50% inheritance tax. The government consumes 19.1% of GDP.
Portugal's passenger car fleet in 1998 reached 3.1 million units, with new registrations at 225,000. That figure is forecast to rise to 240,000 by 2000.
Country profiles were provided by Raymond Champagne
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