ECO News - Portuguese Economy

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ECO News - Portuguese Economy

ECO News is the English version of ECO, an online economic newspaper which focuses on the Portuguese

27/03/2024

Consumer confidence indicator at highest level in over two years

Confidence indicators increased in services and slightly in trade, while they fell moderately in manufacturing and construction and public works.

27/03/2024

TAP returned to losses in the fourth quarter. 2023 ended with a profit of 177 million.

The airline achieved a net result of 177 million euros in 2023, below the 203 million recorded up to September. A loss of 26.2 million in the last quarter impacted the year's performance.

11/03/2024

Portugal: Voters didn’t go with useful voting, far-right biggest winner

The Portuguese didn't respond to the calls for a useful vote in Sunday's legislative elections, resulting in the "most fragmented parliament ever" and with Chega being the "big winner".

07/03/2024

Retailer Jerónimo Martins to invest €1.2B, entry into Slovakia in 2024

Portugal's retailing giant Jerónimo Martins plans to invest €1.2 billion this year, an amount that "also takes into account the initial investment" to launch operations in Slovakia.

05/03/2024

Civil engineering group Mota-Engil sees record €113M profit in 2023

The year 2023 was "characterised by a strong operating performance, achieving record levels of production in the Engineering and Construction (E&C) area", it stressed.

05/03/2024

Managing uncertainty and accelerating the path to a decarbonized world

It is critical to accelerate investment and modernization of electrical infrastructure to accompany the renewables growth strategy, create stable and predictable regulatory contexts.

05/03/2024

One week before elections two main parties convinced of victory

More than 10.8 million Portuguese are expected to vote on Sunday to elect 230 deputies to the Portuguese Parliament. Eighteen political forces, 15 parties and three coalitions are running.

04/12/2023

Stock market closes with benchmark up 0.7% led by BCP up 4.42%

The Lisbon stock market closed higher on Monday, with the PSI index rising 0.69 % to 6,572.24 points, supported by strong rises from BCP and Jerónimo Martins.

04/12/2023

Centeno argues for caution in wage increases and the protection of employment.

The governor says that monetary and fiscal policies need to recognize the challenges of the labour market.

01/12/2023

A new attitude can change everything!

Change requires effort. And one of the greatest efforts doesn't require investment or a business plan: Attitude!

28/11/2023

Medina blames TAP management for salary cuts

The ministry led by Fernando Medina states that it "was not informed nor consulted about changes in salary processing" at the airline.

07/11/2023

Prime-minister António Costa resigns from office

The decision comes after an investigation by the Public Prosecutor's Office in an enquiry launched by the Supreme Court, following an operation into the lithium and green hydrogen businesses.

11/09/2023

Production stoppage at VW unit sees hundreds lose jobs at suppliers

According to the coordinator of Works Councils at the industrial estate, by last Friday Autoeuropa and its supplier companies had already confirmed the dismissal of 291 casual workers.

11/09/2023

Heatwaves, floods will have economic impact, says EC

Several European countries, including Portugal, have been affected by phenomena such as heat waves that are conducive to forest fires, floods caused by high levels of precipitation, among others.

11/09/2023

Mexico economic deal to come this year; focus on ports, energy

"We're working towards having something important to do together by the end of the year," said António Costa, the Portuguese PM.

11/09/2023

Opposition party hopes to cut youth income tax to a third

PSD intends to reduce the income tax bracket for young people up to the age of 35 to a maximum of 15% (with the exception of the top bracket) from 1 January 2024.

11/09/2023

Wine production to grow but less than forecast due to weather

At the end of July, the Institute of Vine and Wine estimated an increase in production for the 2023/2024 grape harvest of around 8% for a volume of 7.4 million hectolitres.

14/08/2023

Fruit, veg exports break €1B in H1 for first time ever

The results "counteract the downward trend in the value of exports that Portugal recorded in the first half and "confirm the strategic importance of the sector".

14/08/2023

Airport numbers up more than 28% to 31.3M in H1

The UK was the main country of origin and destination of flights, with a growth of 23.7% in the number of passengers who disembarked, France ranked second, followed by Spain.

11/08/2023

Venezuela to calculate damages caused by Novo Banco account freeze

The Portuguese courts had decided to unblock more than €1.3bn that was held in Portugal in accounts of Venezuelan institutions and companies at Novo Banco.

10/08/2023

July inflation rate falls to 3.1%, 0.3 pp lower than June

In July, the month-on-month change in the CPI was -0.4% (0.3% in the previous month and nil in July 2022), while the average change over the last 12 months was 7.3%.

09/08/2023

June goods exports down 3.4% YoY, imports 7.6%; deficit swells to €1.5B

In June of this year, the trade deficit was €2.122 billion, or €496 million smaller than a year earlier. Without the fuels and lubricants component, the deficit swelled by €136 million to €1.522B.

09/08/2023

Industry sales in Q2 down 4.7% YoY after Q1 increase

Sales to foreign markets were in June down 10.2% on the year (following a drop of 2% in May), resulting in a contribution of minus 4.5 percentage points to the aggregate index.

08/08/2023

Azores Airlines adds more flights from Porto

The reinforcement of the Azores Airlines operation in Porto will take place "from next IATA winter" (which starts in October and runs until March 2024).

08/08/2023

Growth service industry turnover slows to 5.8% in Q2 from 11.2%

The turnover index in services registered a year-on-year increase of 4% in June, which "reflects a slowdown of 3.7 percentage points (p.p.) compared to the rate observed in May this year".

07/08/2023

Record 56 cruise ships dock in Leixões in H1, with 68,000 passengers

According to APDL, the largest share of passengers in the first half of this year was from the UK (41%), followed by Germany (26%) and the US (20%).

07/08/2023

Altice founder speaks of ‘shock’ of investigation into Portugal unit

Following the 'Operation Picoas' investigation in Portugal, the company "immediately" placed 15 people on leave in Portugal, France and the United States.

07/08/2023

Banco Montepio recurring net income in H1 nearly triples to €67.8M

In a statement sent to Portugal's Securities Markets Commission (CMVM), Banco Montepio added that its Common Equity Tier 1 ratio and the Total Capital ratio (fully implemented) at end-June were 14.4%

07/08/2023

Altice Portugal revenues up 13% in H1 to €1.417B

In the second quarter, EBITDA totalled €254 million (€245 million in the first quarter), an increase of 9.5% compared to the same period in 2022.

07/08/2023

Insolvencies up more than 23% in July, new companies down 9%

Compared to 2022, insolvency declarations requested by third parties increased by 20% in the first seven months of 2023 (75 more requests).

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