News PT

Let’s talk about growth

24 January, 2023

At the end of 2022, the last Quarter, Eurostat published the economic growth data for Portugal around 4.9%, when compared to the same period in 2021.

Despite the great instability that typifies the current environment, inducing a high factor of unpredictability in any economic, financial and social activity, we continue to observe a high flow of departures and arrivals of aircraft in our country, including of course the islands of Madeira and the Azores. The confinement imposed by the COVID 19 pandemic will have caused people to yearn to travel, to meet new people and to recover by this means, the long and tedious days spent at home, without being able to leave it, which helps to justify the recovery of commercial aviation faster than expected and this high movement of planes, mentioned above.

But will this growth be reflected in the coming months and/or years?

In truth, there is no concrete YES or NO answer, but everything indicates that there will be positive results, even if tenuous, derived from the continuity of Foreign investment that is being made in our country, from North to South, despite the instability caused by the war that the Russian Federation continues to develop against Ukraine, which is reflected in the uncontrolled increase in the prices of raw materials, energy, foodstuffs, among others, which has repercussions in the increase of inflation and, consequently, in the increase of interest rates to try to contain it.

Even with the restrictions imposed by our government at the beginning of 2022, by limiting some municipalities and district capitals regarding the Golden Visa programme, there was a growth of 42% to 654.2 M€. The numbers speak for themselves. Since the first Golden Visa in 2012 until today, 11,535 residence cards have been issued, with a total value of investment of €6,754 million.

If we speak at the level of the business sector, we continue to verify the continuity of investments in different areas of activity that are being planned and put into practice. Not only renowned companies, but also some STARTUPS with new ideas, especially in the IT area, which within 3 to 5 years are already showing operating results in millions, as well as hiring more employees.

Consumer confidence is increasing day by day. In particular the offer of commercial channels and their Drop shipping strategies, (Drop shipping or direct shipping is a logistics chain management technique in which the retailer does not keep the products in stock, but offers and commercialises products that are in the supplier’s stock anywhere in the world) has helped users to click more and buy more. Regarding Tourism, there has been an increase in bookings and the desire to discover new lands and seas. The post-Pandemic period has given rise to a greater appetite for leaving home and going to meet new tourist territories, not only within the country. GDP itself may even increase by 1.5%. Unemployment remains stable at 6%. Also, to refer the Portugal 2030 programme, another programme built around five strategic objectives of the European Union: a smarter, greener, more connected, more social Europe, closer to its citizens.

Certainly, this growth must be sustained and cautious, since the instability of the environment will bring us unforeseen events and some heavy clouds, containing new viruses, new governmental constraints, new wars, may appear at any moment. What is seen as a brilliant idea in the morning may be obsolete by the afternoon.

There is more flexibility in the solidity of the business done, a phenomenon that is emerging here and in the four corners of the world! The new technological capacities in communications, the single currencies, the languages, are becoming more accessible and available, increasingly to create new opportunities. All this can create new opportunities to the economy of the countries, to the point that sometimes even bring new cultural habits to the societies settled there.

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