Portugal is the westernmost sovereign state in mainland Europe, with the Atlantic Ocean bordering its west coast and Spain on the east. Throughout the past two decades Portugal has experienced a significant economic downturn with it being bailed out by the EU in 2011. Since 2013 it has seen some form of recovery, as its GDP has seen a net positive recovery and is projected to increase by 3.7% in 2021 and 4.9% in 2022. Portugal’s economy is now dominated by services; manufacturing constitutes a significant share of output, while agricultural output is relatively minor, accounting for less than 3 percent of output.