Portugal is a home to picturesque establishments, bustling cities, and a warm Mediterranean climate that is caressed by Spain alongside the northern and eastern borders and touched by Atlantic waves on the western and southern flanks. A developed country with an advanced economy and high living standards, Portugal was ranked nineteenth on the high quality of life global index rating in 2005. It has a population of around 10 million and runs on the Euro. The country has established a global presence in a number of industries, even as a major export sector.