opean Financial Stability Facility, like Greece and the Republic of Ireland had done before. It was the third time that external financial aid was requested to the IMF – the first was in the late 1970s following the Carnation Revolution.
In October 2011, Moody's Analytics downgraded nine Portuguese banks, blaming financial weakness.
Labour market
Although a developed country and a high income country, Portugal has the lowest GDP per capita in Western Europe and its population has one of the lowest incomes per head among member states of the European Union. According to Eurostat, in 2009, Portugal's GDP per capita stood at 80% of the EU27 average, the 10th lowest in the Union.
The average wage in Portugal is 1,039 € per month (net), and the minimum wage, which is regulated/ref by law, is €485 per month. Officially, in 2008 the unemployment rate decreased to 7.3% in the second quarter of 2008. However, it immediately rose again to higher rates. Influenced by events worldwide, by December 2009, unemployment had surpassed the 10% mark nationwide, by 2010, it was about 11%, and in 2011 it was above 12%. As of March 2012, the unemployment rate is at 14.8%.
Tourism
Portugal is among the 20 most visited countries in the world, receiving an average of 13 million foreign tourists each year. Tourism is playing an increasingly important role in Portugal's economy, contributing to about 5% of its Gross Domestic Product (GDP).
Tourist hotspots in Portugal are Lisbon, Algarve and Madeira, but the Portuguese government continues to promote and develop new tourist destinations, such as the Douro Valley, the island of Porto Santo, and Alentejo. Lisbon is, after Barcelona, the European city which attracts the most tourists (with seven million tourists occupying the city's hotels in 2006, a number that grew 11.8% compared to previous year). Lisbon in recent years surpassed the Algarve as the leading tourist region in
