What sectors receive foreign investment in Portugal - FDI comparison to other EU countries - Portugal Business News Portugal news - What are the main sectors in Portugal that receive foreign investment in 2023? How much is the Foreign Direct Investment (FDI) to Portugal and how does Portugal compare to other EU countries in 2023? How much is the Foreign Direct Investment (FDI) to Portugal in 2023? For the first half of 2023, the stock of FDI reached 69% of GDP and amounts to 174 billion Euros according to the Bank of Portugal. For the period ending in June 2023, this is more than double the amount compared to the end of 2008. The stock of FDI represents the total accumulated level of direct investment measured as a share of GDP at the end of the first half of 2023. In Portugal, Foreign Direct Investment (FDI) transactions totaled 2.0 billion Euros for the first half of 2023. FDI flows are transactions recorded during the first half of 2023. What are the main sectors in Portugal that receive Foreign Direct Investment and what are the main sources of FDI in 2023? Foreign investment in Portugal is mainly towards the real estate sector and the main sources of FDI to Portugal in 2023 are by non-residents in Portugal, mainly from investors residing in European countries. How does Foreign Direct Investment to Portugal compare to other EU countries in 2023? In 2022, Portugal had one of the highest Foreign Direct Investment (FDI) stocks as a percentage of GDP among OECD countries, only surpassed by Luxembourg (1405%), the Netherlands (280%), Switzerland (128%), Estonia (96%) and Belgium (91%). In the European Union (EU), Foreign Direct Investment went from 33 to 71% of GDP between 2008 and 2022, while the stock of FDI in Portugal reached 69% of GDP for the first half of 2023. When compared to the average for EU countries, FDI flows to Portugal registered higher values ​​for the period from 2012 to 2019, but then recorded lower values for the period from 2020 to 2022. However, when compared to the average for OECD countries, Portugal registered higher values for the period 2008 – 2022. #portugalnews #investmentnewsportugal2023 #newsportugueseeconomy2023 #howmuchistheforeigndirectinvestmenttoportugalin2023 #whatarethemainsectorsinportugalthatreceiveforeigndirectinvestment # whatarethemainsourcesofFDItoportugalin2023 #howdoesforeigndirectinvestmenttoportugalcomparetoothereucountriesin2023 ​​

Portugal among 7 EU states investing 6.9 B in green hydrogen - Portugal Business News Portugal renewable energy news - Portugal is among 7 EU Member States that are investing 6.9 billion euros in green hydrogen projects.   The EU Commission has given the green light to 7 countries for investment in Projects of Common European Interest (IPCEI) in the field of green hydrogen.      The EU green hydrogen infrastructure, that will include Portugal, France, Germany, Italy, the Netherlands, Poland, and Slovakia, will lead to the implementation of the IPCEI Hy2Infra EU green hydrogen project.   The use of public funds amounting to 6.9 billion euros is expected to unlock private investment of around 5.4 billion euros. In Portugal, the EU hydrogen infrastructure will include Fusion Fuel and Winpower that have received funding for developing electrolysers , while a total of 32 companies are expected to be part of the project at the EU level.   The EU hydrogen backbone will include the installation of 3.2 gigawatts of large-scale electrolyzers that will be linked to a hydrogen distribution network of 2,700 kilometers as well as storage facilities with a capacity of 370 GWh. Moreover, relevant participating countries will build port terminals that will distribute liquefied renewable hydrogen that is expected to amount to 6,000 tons of hydrogen per year.   The EU green hydrogen distribution network is expected to be operational by 2027, while the completion is expected to be in 2029. With the successful completion of the EU green hydrogen network, the EU will boost its access to renewable hydrogen while reducing its dependence on natural gas, thus achieving its renewable energy goals under the European Green Deal and the REPowerEU plan.     Portugal has included the IPCEI Hy2Infra project in its Recovery and Resilience Plan and can thus provide partial funding to support the development of an innovative and sustainable European green hydrogen industry.   #portugalnews #newsportugal #greenhydrogennewsportugal #renewableenergynewsportugal #IPCEIHy2Infra #EUgreenhydrogenproject #FusionFuel #Winpower

French footwear brand Veja selects Portugal as their EU hub - Portugal Business News Made in Portugal news - French footwear brand Veja selects Portugal as their European hub and their latest organic leather sneakers are Made in Portugal for the European market.   French footwear brand Veja, that creates sneakers using organic materials and promotes economic justice, just launched the Veja V-90 model that is produced in Portugal since the country was selected as their European hub. The V-90 model is produced using leather of European origin that is tanned in Portugal as well as suede panels of European origin that are tanned in Italy and coated with PFC-free oils that are water repellent. The lining of the V-90 model is made of 100% recycled polyester and the laces are made of 100% organic cotton. Among the components of the insole and sole are rubber from the Amazon, sugar cane and recycled rubber.   In 2022, the Veja footwear brand registered a turnover of 180 million euros, having sold more than 4 million pairs of sneakers worldwide.   On January 3, 2024, British Vogue ranked the Veja footwear brand No 2 on its list of the 11 Best eco-friendly trainer brands, after Stella McCartney. One of the best-known eco-trainer brands, the Veja footwear brand has soared in popularity in recent years with both the Duchess of Sussex and Duchess of Cambridge among its fans. #portugalnews #newsportugal #portuguesefootwearnews #Vejanews #FrenchfootwearVejaselectsPortugalastheirEUhub #madeinportugalfootwear

The IMF forecasts Portugal’s economic recovery to be well above the EU average - Portugal Business News Portugal news – While the IMF sees signs of economic recovery in Europe, Portugal’s economic growth is expected to be well above the EU average in 2025.   After revising upwards Portugal’s economic growth to 2.25% for 2025 in July , instead of its original estimate of 1.9%, the IMF just revised much higher its global economic growth estimate to reach 3.3% in 2025.   The IMF stated that shoots of economic recovery materialized in Europe and elsewhere, led by an improvement in the services sector.  Since social-distancing restrictions eased after the pandemic, the demand for services shot up again. Easing financial conditions have led to higher investment while consumption is equally driven by rising real wages, according to the IMF.   However, IMF figures point to an asymmetric recovery in Europe with year-on-year growth for 2025 in Germany projected to reach 1.3%, compared to average growth in the euro zone that is expected to rise to 1.5% while Portugal’s GDP is expected to grow 2.25% in 2025.   The resilience of the Portuguese labor market and tourism growth could further boost Portugal’s economic growth, and the IMF predicted that the continued dynamism of tourism flows would support a current account surplus in the medium term, strengthening the sustainability of the Portuguese economy.   Portugal’s budget surplus together with its reduction in public debt confirm the Portuguese Government's positive macroeconomic outlook, even while Europe shows signs of economic recovery boosted by the services sector.     #portugalnews #newsportugal #economicnewsportugal #newsportugueseeconomy #economicgrowthportugal #macroeconomicoutlookportugal #IMF #BancodePortugal

British automotive group chooses Portugal for its EU hub - Portugal Business News Portugal news - British Constellation Automotive Group chooses Portugal for its EU tech hub.   Constellation Automotive Group, that is the largest vertically integrated digital car marketplace in Europe, has selected Coimbra in Central Portugal for its new EU tech hub.   Coimbra in Portugal is set to become a tech hub due to its strong academic tradition with great technological potential and the quality of talent available. The EU hub in Coimbra is set to become one of the group's largest technological development centers. With a total area of ​​500 square meters, the Coimbra Tech Hub has the potential to expand the space within the Stadium area, that was a key factor for choosing the location.   The EU tech hub of British Constellation Automotive Group in Coimbra will allow the company to continue working on innovative and market-leading opportunities that are at the forefront of technological advancement in the European automotive sector. The new hub will be a vital extension of the group’s global tech team and will be crucial for driving growth and for the development of new products and platforms. The Coimbra tech hub will focus on developing a range of technological solutions on multiple platforms for all the companies in the group, using Agile methodologies, automation capabilities and innovative models.   With a presence in more than 20 European countries, the group has more than 16,000 employees. The new EU hub in Portugal will employ 100 people in 2024 and is expected to reach 250 employees by 2027. The available tech jobs are in areas such as operations, design, product, cybersecurity and engineering, and future employees will benefit from a hybrid work model with flexible hours.     #portugalnews #newsportugal #automotivenewsportugal #technewsportugal #techhubsportugal #BritishConstellationAutomotiveGroup

Portugal’s construction sector ranks 3rd most productive in the EU - Portugal Business News Portugal news - While the construction sector halts in the EU with the average production falling by - 0.9% in April 2024 compared with the same month of the previous year, construction is actually booming in a couple of countries. Portugal’s construction sector ranks 3rd most productive in the EU according to the latest statistics by Eurostat.     Top 4 EU countries where construction is booming in 2024: 1 – Hungary Production in construction has grown 15.6% in April 2024 compared with the same month of the previous year. Production in construction has grown 11.1% in April 2024 compared with the previous month of the same year.   2 – Romania Production in construction has grown 13.2% in April 2024 compared with the same month of the previous year. Production in construction has grown 8.0% in April 2024 compared with the previous month of the same year.     3 – Portugal Production in construction has grown 6.8% in April 2024 compared with the same month of the previous year. Production in construction has grown 4.1% in April 2024 compared with the previous month of the same year.     4 – Slovakia Production in construction has grown 4.9% in April 2024 compared with the same month of the previous year. Production in construction has grown 7.7% in April 2024 compared with the previous month of the same year.   #portugalnews #newsportugal #constructionsectorportugal #constructionnewsportugal #EUcountrieswhereconstructionisboomingin2024

US Unicorn Iterable opens their EU Tech Hub in Portugal - Portugal Business News Portugal news - US Unicorn Iterable opens their EU Tech Hub in Portugal.   Iterable is launching a Tech Hub in Lisbon where the tech company will recruit IT engineers and product development specialists. This will lead to the creation of at least 100 highly qualified jobs in Lisbon in the coming years.   According to the US unicorn, the expansion to Portugal was possible thanks to the strategic partnership with AICEP – the Portuguese Agency for Investment and Foreign Trade.   Iterable tech company currently has around 600 employees, with offices in San Francisco, New York, Denver, Colorado, London, Sydney and now also in Lisbon.   Iterable CEO, Andrew Boni, stated the Unicorn searched for a city for their new international hub and analyzed a list of 10 cities, with two on the short list: Dublin and Lisbon:   “For me it was obvious – of course Dublin is a fantastic city – but the energy of Lisbon is difficult to measure in a tangible way”, with its “enthusiasm and growth” along with the “proximity to talent, wonderful universities and also the proximity to our clients in the region”.   The CEO of US tech Unicorn Iterable stated that his intention is to send products and key features out of Lisbon, so it will not just be an extension of the United States. This means that their Lisbon Tech Hub will recruit the best engineers in the world.     #portugalnews #aicep #iterable #techhubinlisbon

Portugal ranks 3rd highest growth country in the EU - Portugal Business News News Portuguese economy - Portugal ranks 3rd EU country with the highest GDP growth for the last quarter of 2023. The high-growth figure obtained by Portugal is remarkable, since the rest of the Eurozone stagnated with only a 0.1% growth, while the average GDP growth for EU countries was 0.3%. What are the EU countries with the highest GDP growth?     Here are the EU countries with the highest GDP growth: 1 – Slovenia Slovenia is the EU country that registered the highest GDP growth during the last quarter of 2023, with 2.6%, according to Eurostat.   2 – Cyprus Cyprus ranks 2nd EU country with the highest GDP growth during the last quarter of 2023, with 2.3%, according to Eurostat.   3 – Portugal Portugal ranks 3rd among EU countries with the highest GDP growth during the fourth quarter of 2023, with 2.2%, according to Eurostat.   Portugal is not only one of the fastest growing economies in the EU, but figures show an upward trend compared to the previous quarter, since the country registered a 1.9% average annual change for the third quarter of 2023, that was ahead of the EU average of 0%. About Portugal Business News Portugal Business News is an English and French news site that specializes in promoting businesses in Portugal, both for the export market and for attracting Foreign Direct Investment, through writing news reports about the Portuguese economy and business environment.   News reports by Portugal Business News are referenced on flagship industry websites, on the Government of Portugal's investment portal AICEP Portugal Global, on the websites of leading research companies, on Wikipedia, and on multilingual news aggregators.     #portugalnews #newsportugal #newsportugueseeconomy #economicnewsportugal #GDPgrowthrateportugal #whataretheEUcountrieswiththehighestGDPgrowth

How does Portugal’s economy rank compared to the rest of the EU? - Portugal Business News Portugal economy news – Portugal’s economic growth ranks higher than the EU average according to the latest data released by Eurostat on October 31st, 2023. How does Portugal’s economy rank compared to the rest of the EU? Portugal is one of the EU’s fastest growing economies, registering 1.9% average annual change for the third quarter of 2023 compared to the same quarter in 2022, that is ahead of Spain that registered 1.8%, of Belgium that registered 1.5%, and of the EU average of 0.1%. If Portugal’s economic growth maintains the same pace during the fourth quarter of 2023, the country will register a GDP growth of around 2%. Is Portugal highly taxed? Portugal’s average tax burden, including tax revenue and social contributions, registered an overall tax-to-GDP ratio of 38% in 2022, that is lower than the EU average of 41.2% according to data published by Eurostat. Which EU country has the highest tax burden? - Portugal Business News Which EU country has the highest tax burden? The EU countries with the highest tax burden are: France that has a tax-to-GDP ratio of 48%, Belgium of 45.6%, and Austria of 43.6% in 2022. Which EU country has the lowest tax burden? The EU countries with the lowest tax burden in 2022 were Ireland with 21.7%, Romania with 27.5% and Malta with 29.6%. How does inflation in Portugal compare to the rest of the EU? In October 2023, Portugal’s inflation rate was 2.1%, that is the lowest inflation rate in the last two years according to Portugal’s statistics office INE. According to the latest data just released by Eurostat, Portugal has the 9th lowest inflation (HICP) in Europe. The EU average inflation rate was 2.9% in October 2023, that is much lower than in September. In Portugal and in the rest of the EU, the fall in inflation is strongly influenced by the reduction in the prices of fuel and food. #portugalnews #newsportugal #portugaleconomynews #portugaleconomicnews #howdoesportugalseconomyrankcomparedtotherestoftheEU #i sportugalhighlytaxed #whichEUcountryhasthehighesttaxburden #whichEUcountryhasthelowesttaxburden #howdoesinflationinportugalcomparetotherestoftheEU

Is Portugal’s economy improving compared to other EU countries in 2023? - Portugal Business News Portugal news - Is Portugal’s economy improving compared to other EU countries in 2023? Portugal’s economy is expected to grow double that of the other Eurozone countries and here is an update of latest figures. Portugal is doing far better than other European countries and here are the latest Eurostat and Central Bank figures for the second quarter of 2023: Portugal has registered the 8th lowest inflation rate compared to both the single currency area and other EU countries, given that the country’s inflation rate is 4.3%. Portugal’s annual inflation rate is well below the European average since the annual inflation rate in the EU was 6.1% in July 2023. While Portugal’s inflation rate has been falling in recent months, the country’s economic activity is now back to growth according to data just released by Portugal’s central bank, Banco de Portugal. Portugal's central bank has issued a statement stating that in the week ending on August 13th, the Daily Economic Indicator (DEI) points to a higher year-on-year rate of change in activity compared to that observed in previous weeks. For the period between August 7th and August 13th, the weekly moving average for the DEI indicates a year-on-year growth in economic activity of 1.4%. The Daily Economic Indicator is showing in real-time the upward trend in Portugal’s economic activity. According to the forecasts disclosed by the European Commission in May, Portugal’s economy is expected to grow significantly above the EU and Eurozone average. Brussels expects the Portuguese economy to grow 2.4% this year and 1.8% in 2024. This compares to the forecast of 1% growth for EU countries and the growth forecast of 1.1% for single currency countries in 2023. For 2024, forecasts indicate 1.7% growth in the EU and 1.6% in the Eurozone. Portugal’s Prime Minister, António Costa, stated that the Government has "good news for the economy, but that does not mean we can rest assured. Quite the opposite, it must make us understand the following: just as with a bicycle, we either continue pedaling and the economy continues to grow, or else, if we stop, the bicycle stops too, and might even topple over". #portugalnews #whatisthecurrenteconomicsituationinportugal #isportugalseconomyimproving #portugaleconomy2023 #portugueseeconomynews #isportugalseconomyimprovingcomparedtootherEUcountriesin2023 #inflationrateportugalin2023 #economyportugal2023 #Eurostat #BancodePortugal #growthforecastportugalin2023

Portuguese AI startup generates applications for EU funding - Portugal Business News Portugal news – A new Portuguese AI startup, Granter.ai, auto-generates applications for EU funding to ease access to investment for startups. Here is a guide on how to access EU funding easily and without hassle.        How do I access EU funding? Startups can now easily apply for EU funding through the simplified AI platform Granter.ai, that matches startups with the right funding opportunities and even auto-generating customized draft applications.  With this new automized process to apply for EU funds, startups can save valuable time and effort.   Granter.ai is an AI-powered platform that revolutionizes how startups secure funding by matching them with appropriate funding opportunities and auto-generating tailored draft applications for them.   Since companies don’t know what funding opportunities exist or which ones they are eligible for, the new AI-powered platform is a game-changer for anyone seeking to secure funding efficiently.   Startups and SMEs face two main obstacles to obtain funding: the first one is that companies do not know what funding opportunities exist or which ones they are eligible for, as there is no single directory with all the open opportunities; the second one is that there is too much bureaucracy involved in applying for these funds.  The only solution for companies that wanted to apply for funding used to be to hire expensive consultants to manage the entire process, which is why the new Portuguese AI platform is a game-changer.   Granter.ai currently has more than 700 companies registered on the platform with around 400 applications already generated by AI, according to Bernardo Seixas, CEO and co-founder of Granter.ai. The platform, that was founded in September 2023, has already applied for more than 10 million euros in European funds.   #portugalnews #newsportugal #investmentnewsportugal #howdoIaccessEUfunding #howtoapplyforEUfunds #howtofindinvestors #fundingopportunitiesforstartups #platformtoapplyforfunding #granterai

Portugal’s green hydrogen pipeline will be funded by the EU - Portugal Business News Portugal green hydrogen news - Portugal’s green hydrogen pipelines will integrate Europe’s Green Energy Corridor to Central Europe and will be funded by the EU as Projects of Common Interest. Portugal has just received EU approval for funding two structural green hydrogen transport projects that will be part of the EU Green Energy Corridor. Portuguese hydrogen transport projects, 'H2Med/CelZa' and the 'Portuguese Hydrogen Backbone' will be funded under the EU Connecting Europe Facility – Energy (CEF-E), which could support up to 75% of eligible costs. An investment of EUR 204 million will fund 242 km of pipelines, of which 162 km will be in Portugal under the 'H2Med/CelZa' project submitted by REN-Gasodutos. Portugal’s green hydrogen pipelines will connect with the Spain-France pipeline, the H2Med/BarMar, that will in turn connect with the France-Germany pipeline. Portugal’s green hydrogen pipelines will connect the country to Central Europe and will enable the emergence of one of the main green hydrogen corridors across the Mediterranean. #portugalnews #newsportugal #greennewsportugal #investmentnewsportugal #portugalgreenhydrogennews # greenhydrogenpipelinesportugal #H2MedCelZa #portuguesehydrogenbackbone #EUConnectingEuropeFacilityEnergy #CEFE #RENGasodutos