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Yearbook 2018

Portugal. Things are going better for Portugal and in October the country received a higher credit rating from the credit rating agency Moody's, which no longer considers loans to Portugal to be at a "rubbish level", which has been the assessment since 2011. The rating agencies S&P Global and Fitch agree. They have already raised the country's credit rating from "rubbish status" to "investment level". It is now projected that Portugal's debt as a proportion of GDP will fall to 116% in 2021. This should be compared with the 2017 debt ratio of almost 125% of GDP. The growth potential is up 1.5%, from an average of 0.3% in 2010-17. And the yield on 10-year government bonds is down 2.02%, compared with peak levels of over 16% during the euro crisis in 2012. Last year, the net budget deficit was just below the EU-approved threshold of -3.0%.

2018 Portugal

According to, Swedish Finance Minister Magdalena Andersson announced in the autumn that Swedish pensioners residing in Portugal should no longer be able to deduct their occupational pension tax-free. This after Portugal agreed to renegotiate the so-called double taxation agreement from 2002 with Sweden. When this happens is not yet clear. In Finland, where you have had the same problem, you took the hard gloves and presented a new agreement approved by the Riksdag and the President in December 2016. But as this has not yet been tabled in the Portuguese Parliament, Finland plans to terminate its tax treaty with landed in January 2019.

The heat and fires hit Portugal this year as well. At the beginning of August, 47 degrees of heat was noted (the European heat record of 48 degrees was set in Athens in 1977), and the heat led to several forest fires that went well into the fall. In the Algarve tourist region in southern Portugal, the city of Monchique was surrounded in August by a forest and land fire. Hundreds of firefighters fought the fire, which covered 15,000 acres. In October, the Sintra-Cascais National Park, just over 3 km west of the capital Lisbon, was hit by a forest fire where over 750 firefighters were deployed. In the long term, to overcome the many fires, a pilot project was started in October where 370 goats would feast on under vegetation and make the landscape less fire sensitive.

From 2024 it will be banned from wild animals at the circus in Portugal. Parliament decided this at the end of October. Over 40 species are covered by the ban, which includes lions, tigers, camels and zebras. In addition, the circus artists who leave their animals are promised support for changing jobs. The issue has been driven by the Animal and Nature Party (PAN), which entered parliament in 2015.

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