The European Commission says it is "reasonably optimistic" about Portugal's "rapid economic recovery" after the crisis generated by COVID-19 and believes that the way in which the country "controlled" the pandemic will benefit the recovery of tourism this summer. Nicolas Schmit, European Commissioner for Employment, predicts that the recovery of the Portuguese economy "will happen relatively quickly, which will also allow unemployment to fall more quickly than it did in the previous crisis".
"At the moment, I'm reasonably optimistic about Portugal," he said in an interview with the Lusa news agency in Brussels. The commissioner recalled that "Portugal was heavily affected by the previous crisis" 10 years ago, "which had very serious repercussions in the country and especially affected young people, many of whom had to leave the country to find new opportunities" but believes that this time the situation will be different.
Nicolas Schmit also praised the fact that Portugal has "managed to control the pandemic quite well. It was not one of the countries most affected and I think this is a positive element for Portugal and for the tourism sector", he stressed.
Brussels estimates a GDP fall of 6.8% in Portugal in 2020
The European Commission estimates that the Portuguese economy will contract by 6.8% in 2020, less seriously than the European average, but projects a recovery in 2021 of 5.8% in the GDP, below the EU average (6.1%) and the Eurozone average (6.3%). An unemployment rate of 9.7% was also projected for 2020, falling to 7.4% the following year.
"The forecasts we have available point to an increase in unemployment in Portugal this year, the same as in other member states", Nicolas Schmit added, stressing that "we are already seeing an increase in unemployment because people have been losing their jobs during lockdown", but we need to "put in place the right measures to limit it and to help Portugal recover vigorously".
According to Schmit, this is where the European Commission's proposal for a Recovery Fund of 750 billion euros to repair the damage caused by the COVID-19 pandemic, of which Portugal “is also a beneficiary”, is helping to “shorten this severe recession”. The proposal envisages that, of the overall amount of the fund to be raised by the Commission itself in the markets, 500 billion euros will be channelled to Member States through non-repayable grants, and the remaining 250 billion euros in the form of loans.
Portugal could raise a total of 26.3 billion euros, 15.5 billion in grants and the remaining 10.8 million in the form of (voluntary) loans on very favourable terms, but the decision on whether to endorse the proposal lies with European leaders.
Vale do Lobo to launch new apartments and off-plan houses
For the first time in almost two decades, the Vale do Lobo resort is preparing to launch a “new real estate product in plan”. There will be apartments and semi-detached houses in the Vale Real area, also aimed at the “new, more demanding generation of visitors and owners”.
Brits remain interested in living in Portugal
The change to tax and residence rules for foreigners has not diminished British people's interest in moving to Portugal, said the director of the Portuguese Chamber of Commerce in the United Kingdom, Christina Hippisley.
Getting a mortgage in Portugal as a foreigner
Portugal, with its pleasant climate and affordable cost of living, continues to be a desirable destination for expats and retirees. This guide offers crucial information for foreigners wishing to obtain a mortgage in Portugal and everything you need to know about getting a mortgage in Portugal as a foreigner.
IMI Portugal 2024: price per square metre remains at 665 euros in 2024
What is IMI tax in Portugal? IMI stands for "Imposto Municipal sobre Imóveis", which translates to Municipal Property Tax in English. It is a property tax levied on real estate properties in Portugal. IMI is imposed annually on the rateable value of properties and is collected by local municipalities. The tax rate can vary depending on factors such as the property's location, type, and value. When it comes to IMI in Portugal in 2024, the price of a square metre (m2) for the purposes of calculat
Mortgage interest rates in Portugal higher than the Eurozone since October
In Portugal, average interest rates on new home loans have been stabilising at 4.2% since June. And in the euro area, average interest rates continue to rise, having reached 4% in November for the first time since 2009. But even so, Portuguese banks are charging more interest on home loans than the Eurozone average, a trend that has been visible since October last year, as revealed by the most recent data from the Bank of Portugal (BdP).
Tax exemptions attract foreigners - and the Portuguese emigrate...
The tax exemptions granted to foreign citizens who come to live, invest or work in Portugal have made many people choose the country to live in. The other side of the coin is the flight of residents, particularly young people, who pack their bags for other destinations in search of better living and working conditions and/or salaries. A scenario that seems to have gained momentum with the increasing tendency for Portugal to be one of the places of choice for local nomads.
Social Security's new digital counter: find out how to get in touch
The new digital counter is designed to improve contact with Social Security and allows citizens and companies to interact interactively with Social Security. It is a service that is always available and can be accessed from a computer, tablet or smartphone.