Midyear review: Portugal’s still on the rise

Portugal continues to give positive signs of economic growth and increases its attractiveness for foreign investment. Tourism remains a boost to the economy.

A welcoming country for tourists


Portugal came 4th worldwide in for most tourist-friendly destinations in the latest ranking from the World Economic Forum, providing quality touristic infrastructure and services to visitors and internal and international security.

This country is recognized as one of the safest in nations in the world. According to the latest quaterly report from the European Travel Commission, safety is one of the main concerns of tourists when choosing where to go, and Portugal is among the fastest growing destinations in Europe.

Therefore, tourism remains one of the main highlights. The country as a whole as well as different cities and regions have been receiving multiple awards. Read more: Portugal is the country to go in 2017 

Impressive economic recovery and foreign investment

During a recent visit to Portugal, Pierre Moscovici, the European commissioner for Economic and Financial Affairs, Taxation and Customs, congratulated Portugal on the impressive economic progress that the country achieved after the crisis, emphasising the growth of foreign investment and the role of tourism.

Indeed, Portugal’s attractiveness is increasing among investors. The report from the consultancy firm EY (part of Ernst&Young) reveals that Portugal is one of the European countries attracting higher investment intentions. The social stability, workers’ qualifications and labour costs are the three most attractive aspects for investors.

The report defends that Tourism and the Information Technology field will be key sectors for the development of the Portuguese economy. It also emphasizes the startup environment, which is considered as good as in other developed European countries, while having room for improvement. Read more: Brand Portugal on the rise

 

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(More) reasons to visit or to move to Lisbon

Lisbon cultural side and the welcoming start-up environment are the recent aspects of this city that have been recognized abroad. The capital of Portugal remains an attractive and trendy destination for tourists, people looking to relocate and entrepreneurs.

Cultural Dynamism

Lisbon got the first place in the “Culture Dynamism” ranking among cities between 500 000 and 1 million inhabitants, part of the “The Culture and Creative Cities Monitor” developed by the European Comission. The report explains how it got the top position: “In recent years, the local authorities have taken new action to strengthen the economic potential of arts, culture and creativity. Co-working spaces, fab labs and start-up incubators are now available in the rehabilitated urban areas. In addition to long-lived international events such as the Lisbon Architecture Triennale, the Lisbon Fashion Week and the Lisbon & Estoril Film Festival, the city has started to host new creativity-related events, such as the European Creative Hubs Forum in 2015, connecting over 200 creative hubs across Europe.

If you are interested in exploring the city, the Guardian leaves you some tips in a recent article:

  • Gulbenkian Museum and the gardens surrounding it, perfect for a relaxed afternoon under the sun.
  • the MAAT, the most recent museum in the city and currently shortlisted in the category “Building of the year” in the World Architecture Festival.
  • flea markets and bric-a-brac stores in different parts of the city.
  • as well as multiple places to eat! Read the full article to learn more! 

Startup environment

In the ranking by “PeoplePerHour”, a large UK-based platform for freelancers, Lisbon comes in fourth place in a world ranking, ahead of cities like San Diego (USA) and London (UK). The ranking evaluates aspects like life quality, cost of offices and easiness to start a new business.

Portugal is also the host city of the renown WebSummit, “the largest tech conference in the world”, yet another proof of the city’s value for entrepreneurs.

 

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