Portugal’s surplus 1.2% of GDP in 2023 with debt down to 99.1% of GDP

By Posted 25 Março, 2024 In Debt to GDP, News, Public administration, Public debt, Public deficit and Budget deficit The government net surplus achieved by the outgoing minister of Finance, Fernando Medina in 2023 was 1.2% of GDP according to the National Statistics Institute. (INE) Portugal’s public debt has fallen to 99.1% of GDP while its public administration enjoyed a … Read more

Decathlon profits at €931 million for 2023

The sports retail chain Decathlon closed 2023 with profits of €931 million, an increase of 0.8% on the €923 million posted for 2022. The sports articles retailer enjoyed a business turnover of €15.6Bn, reflecting an increase of 4.4% at a constant exchange rate. Adjusted to exchange rates and the impact of closing down its stores … Read more

Ratings agencies agree ‘A’ ratings for Portugal

Just over 10 years ago Portugal’s credit ratings from the major ratings agencies stood at ‘junk’ status (non-investment) or high-risk investment grades. Stories abounded of angry Portuguese citizens sending jiffy packets and boxes full of waste paper to the ratings agencies in the US and Canada accompanied by indignant letters that Portugal was worth a … Read more

Portugal’s banks rake in €4.2Bn

Portugal’s banks enjoyed a “tremendous increase” in profits in 2023 on the back of increased interest rates but expect lower profits in 2024 according to the ratings agency DBRS. Despite higher interest rates having meant significantly less new mortgages and other loans, this was more than made up for by high net interest margins since … Read more

Portugal’s gold reserves hit record €21Bn

The value of Portugal’s gold reserves has continued to appreciate without moving the gold an inch. The Bank of Portugal’s vaults in Carregado (also reserves in the UK, US and France) contain around 382.6 tonnes — one of the largest gold reserves in the world. According to the latest data for the end of 2022, … Read more

CorPower Ocean announces wave energy breakthrough in Portuguese waters

CorPower Ocean’s C4 Wave Energy Converter (WEC) has completed the first cycle of the ocean commissioning program at the Agucadoura site in northern Portugal. Now proven at commercial scale, at the exposed Atlantic test site, CorPower Ocean’s C4 device has demonstrated unique ability to tune and detune according to varying sea states, limiting response to extreme storm … Read more

Farfetch closes Braga office

Farfetch, the former Portuguese unicorn that was bought out by South Korea’s Coupang, left its offices in Braga at the end of September, 2023. The decision to close the offices it had occupied for just over four years on Avenida Dom João II, was taken in order to concentrate its teams in offices in Matosinhos … Read more