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European companies attracted by Portugal's economic success

The image perceived by companies about Portugal has changed over the last few years and it is not surprising that this is so. The figures presented by this country, in particular with regards to its unemployment rate, are some of the factors that point towards (and show) an unprecedented economic recovery and that has allowed Portugal to position itself on top for foreign investment.

With an unemployment rate that has fallen to 8.8% (around 10 points below the maximum index presented in 2013) and a 3% year-on-year economic growth, Portugal is nowadays highly appealing to successful companies as they can save money on labour costs and hire qualified workers.

The Wall Street Journal has even mentioned in a recent publication that Portugal is beginning to present itself as one of the stars of the euro zone. This report prompted the interest of entrepreneurs and companies who are seeking to do business in places that allow them to grow and evolve.

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Among other benefits, Portugal stands out for its highly skilled population as well as its high number of qualified foreign-language speaking workers. This is why the country is a great business opportunity and attracts investment from many European companies.

The director of Public Financial Council of Portugal, Teodora Cardoso, underlines this concept by highlighting the strength of Portuguese economic growth and its long-term sustainability. According to Cardoso, in the medium term, wage increases will respond to the current economic boom, along with a predictable series of structural reforms in the labour market and the tax system.

As Portugal becomes a more competitive country, the interest of foreign companies also increases, thus putting it in the spotlight for European business startups.

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Other factors contributing to good national performance are the increased domestic purchasing power and the collapse of oil prices as well as its effects on the trade balance.In practical terms, the increase in domestic consumption and the reduction of the external deficit have been favourable to the financial and economic improvement of the country. These are the factors that are highly appealing to European companies.

Currently, Portugal presents itself as a country with a higher export index and reduced imports. This is a reality that did not happen for many years and did not seem possible during the economic crisis.

Technological startups and companies now have a great business opportunity in Portugal.

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Engel & Völkers
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