PORTUGAL IN TOP FORM CONTINUES TO SEDUCE
Since emerging from the crisis in 2014, the strength of the Portuguese economy has not wavered. Even if the country, not escaping the general slowdown, suffered a dip at the end of the year. GDP growth for 2018 stands at 2.1 %, slightly below the 2.3 % anticipated by the government but above the eurozone average of 1.8 %.
The success story growth in recent years has been driven by the external engine, boosted by a revival in competitiveness linked to the internationally-administered economic plans implemented between 2011 and 2014. Foreign investors have also contributed significantly to this growth.
Eurozone growth of 1.81TP3Q
Economic growth in the eurozone as a whole slowed to 1.8% in 2018, compared with 2.4% the previous year. Confirmed Eurostat, the European statistics office, on Thursday, confirming its first estimate at the end of January.
For 2019, the Portuguese government continues to forecast growth of 2.2%, while the central bank predicts GDP growth of 1.8%. Among the main drivers of economic recovery. The hotel industry welcomed a record 12.8 million foreign tourists in 2018. They generated sales of 3.6 billion euros, according to industry statistics published Thursday by the Ine.
Portugal, a land of opportunity for entrepreneurs
Portugal's economic dynamism seduces contractors but also self-employed entrepreneurs. the country is attracting more and more foreign investors by means of reduced corporate taxes. Many of them are French entrepreneurs conquered by the Portuguese quality of life.
Three regions in particular are experiencing significant development: those of Porto, Lisbon and Algarve in the south of the country. The North is more industrial, while the South is more conducive to tourism. As the digital capital, Lisbon organizes the annual Web Summit, one of the largest tech conferences in Europe. It brought together nearly 2,000 start-ups during its last edition. Real estate, textiles and mechanical subcontracting are examples of sectors that are booming. In search of investors or qualified foreign executives.
Investing in Portugal: what are the advantages?
Portugal is one of Europe's leading countries for foreign investment. The country is particularly attractive thanks to its famous tax exemption. tax applied to the income of foreign workers with RNH status. This "non-habitual resident" status is for people who reside in Portugal for more than 183 days per year and have not lived in the country in the past. If these conditions are met, the income tax is capped to 20 %.
Local labor is cheap, "even if this is starting to change". Moreover, dynamic metropolises such as Porto or Lisbon, which have become expensive, are beginning to displease investors, who have recently become interested in medium-sized cities. The latter appreciate the quality of the local workforce, "hard at work". The Portuguese are a people "conqueror" because of their history, and are "particularly internationally oriented"This would explain their policy in favour of foreign investment, which is sometimes criticized within the European Union.