Portugal is a founding member of the European Union and the euro zone.
Having joined the EU in 1986, the country went through a period of strong reforms and investments, mainly in infrastructures, that contributed to a rapid acceleration in Gross Domestic Product.
The structure of Portuguese economy is based on the services industry. In 2008, this sector accounted for 73.6% of gross value-added (GVA) and employed 59.3% of the working population. Agriculture, forestry and fisheries generated 2.4% of gross value-added against 24% in 1960 and created 11.5% of the available jobs. Industry, construction, energy and water generated 24% of GVA and accounted for 29.3% of the jobs created.
Over the past years, Portuguese economy has made a significant change in manufacturing moving from high dependence on textiles, footwear and others to new sectors involving larger incorporation of technology: motor vehicles and components, electronics, pharmaceuticals and new technologies. Since 2007, Portugal has increased its exports and is exporting more technology and innovative products such as pharmaceutical products.