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  • THE FINANCIAL COSTS OF THE PORTUGUESE COLONIAL WAR, 1961-1974: ANALYSIS AND APPLIED STUDY

  • Ricardo Ferraz
  • Journal:
    Revista de Historia Economica - Journal of Iberian and Latin American Economic History / Volume 40 / Issue 2 / September 2022
    Published online by Cambridge University Press:
    20 October 2021, pp. 243-272
    Print publication:
    September 2022

  • This article presents estimates of the financial costs incurred by Portugal with the Colonial War (1961-1974). The results obtained show that, on average, the extraordinary expenses most directly related with the war represented 22% of Portuguese state expenditure, equivalent to 3.1% of GDP. They also show that the total costs incurred by Portugal with the Colonial War amounted to between 21.8 billion euros and 29.8 billion euros, at today's prices and in the present-day currency. By estimating a dynamic model, it was also possible to identify a positive relationship between the extraordinary military expenditure on the defence and security of the overseas provinces—which included the budgetary costs of war—and Portuguese economic growth. The conclusions reached represent a valuable contribution to contemporary economic history.