Portugal is a country in Southern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe and part of the Mediterranean. It is bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. It has been a member of the European Union since 1986. It was under a dictatorship between 1926 and 1974. It has since prospered but was hit hard by the 2007-2008 recession.