What political economic and technological factors allowed Spain and Portugal to explore new trade routes?

Spain and Portugal benefited from a combination of political, economic, and technological factors that spurred their exploration of new trade routes. Politically, both nations were unified under strong monarchies that supported exploration as a means to enhance national power and prestige. Economically, the desire for gold, spices, and new trade routes to Asia drove investment in exploration. Technologically, advancements in navigation, such as the magnetic compass and improved ship designs like the caravel, enabled longer and more efficient sea voyages.