What is the Portuguese Escudo (PTE)?

The Portuguese Escudo is the currency of Portugal. Until the introduction of the euro in 2002, 100 centavos made up escudo. Its symbol, similar to the US Dollar ($) except for with 2 bars instead of one, was called the cifrao. Inflation made the currency virtually irrelevant, and centavo coins were withdrawn from circulation. Prior to its elimination, the exchange rate was 200.482 to one euro. The last 100-escudo note showed a portrait of Fernando Pessoa, a famous Portuguese writer. The ISO code for the escudo was PTE. Escudo is the Portuguese word for shield.

Moody’s Rating

Aa2, 30 Nov 2001

S&P Rating

AAA

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

Portugal’s government is a parliamentary democracy. It has 18 districts and 2 autonomous regions. The executive branch is headed by the president, who is elected by popular vote for a 5-year term and the prime minister, who is appointed by the president on the recommendation of the prime minister. The leader of the majority party is usually appointed as the prime minister by the president. The legislative branch, the Assembleia da Republica has 230 seats, and its members are elected by popular vote to serve 4-year terms.

Prominent Figures

Chief of State President Anibal CAVACO SILVA (since 9 March 2006)
Head of Government Prime Minister Jose SOCRATES Carvalho Pinto de Sousa (since 12 March 2005)
Cabinet Council of Ministers appointed by the president on the recommendation of the prime minister note: there is also a Council of State that acts as a consultative body to the president
Elections president elected by popular vote for a five-year term (eligible for a second term); election last held 22 January 2006 (next to be held in January 2011); following legislative elections, the leader of the majority party or leader of a majority coalition is usually appointed prime minister by the president
Election Results Anibal CAVACO SILVA elected president; percent of vote – Anibal CAVACO SILVA 50.6%, Manuel ALEGRE 20.7%, Mario Alberto Nobre Lopes SOARES 14.3%, Jeronimo DE SOUSA 8.5%, Franciso LOUCA 5.3%

Key Economic Factors

Portugal, similar to its European neighbors, has developed a strong service-based economy over the last three decades. In 1960, Portugal showed agricultural and fishing sectors accounting for 24% of the GDP, while today it only accounts for 3.3%. However, low productivity in agricultural sectors has resulted in a loss of a competitive advantage relative to Spain and France. For a developed country, the income per head is low, an approximate ,527; however, this number has increased since 2002. This is the second lowest income per head for a country in the EU. Growth has been increasing for many years, especially in the construction and services, financial, retail, and telecoms sectors. Tourism has also been on the incline, making a huge impact on mass-market beach holidays.