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Portugal to amend online gambling law


LISBON:Portugal’s government will review the country’s gambling laws in 2018, local media reported on Friday. The Iberian country regulated its online gambling market in 2015 and officially opened it for international operators in the summer of 2016, when the first online gambling license was issued. Late last week, Portuguese lawmakers presented the budget plan for 2018. Among a number of other provisions, ... Read More »

Faro tax hike highest of all Portuguese airports


  LISBON: The Social Democrats (PSD) have criticised the hike for being “far superior” to those being implemented in Lisbon and Porto. Newspaper Correio da Manhã reported that the PSD’s comments came at the same time as the People’s Party, the CDS-PP, grilled the government on what effects British airline Monarch’s insolvency has had on Algarve hospitality. According to national ... Read More »

Portugal plans tax on salty foods


  HELENSINKI: Portugal has announced plans to introduce a tax on salty foods to raise funds for health-related spending. Under the measure, foods with a salt concentration of one gram or more per 100 grams of product will be subject to a tax of EUR0.80 (USD0.94) for every kilo of packaged food. The new tax was presented to the Assembly ... Read More »

Portugal plans tax on salty foods


HELENSINKI: Portugal has announced plans to introduce a tax on salty foods to raise funds for health-related spending. Under the measure, foods with a salt concentration of one gram or more per 100 grams of product will be subject to a tax of EUR0.80 (USD0.94) for every kilo of packaged food. The new tax was presented to the Assembly on ... Read More »

Portugal September unemployment rate drops to 8.6%


LISBON: Portugal’s monthly unemployment rate fell to 8.6 percent in September from 8.8 percent the previous month, the lowest since at least 2008, provisional data from the National Statistics Institute (INE) showed on Monday. The jobless rate compares to 10.9 percent in September 2016. The INE revised its original estimate for August 2017 from 8.9 percent. Nevertheless, the youth unemployment ... Read More »

Former ICE agent gets 1-year prison sentence for smuggling fishing profits to Portugal


  LISBON: Acting U.S. Attorney William D. Weinreb announced Thursday a deputy with the Bristol County Sheriff’s office in Massachusetts was sentenced to one year in prison for smuggling profits of an over-fishing scheme to Portugal. Forty-seven-year-old Antonio Freitas of Taunton was charged with one count of structuring the export of U.S. currency and one count of bulk cash smuggling. ... Read More »

Turkey-Portugal economic dialogue gains momentum

economic ties

ANKARA: Portugal’s Foreign Minister Augusto Santos Silva assessed Turkey’s relations with both the EU and Portugal, according to a statement released by the Foreign Economic Relations Board (DEIK). Silva, who made the assessment after a Turkey-Portugal round table meeting hosted by the DEIK Turkey-Portugal Business Council, said that as trade relations increase, the two countries are forging closer ties. He ... Read More »

Portugal to increase car tax


  LISBON: Portugal’s Government has announced an increase in taxes for motor vehicle use and ownership from 2018. The main measure in the country’s draft 2018 Budget, the increase to the tax on new vehicle purchases will average 1.4 percent for petrol- and diesel-powered cars. Meanwhile the annual tax will also be increased to a similar degree for vehicles purchased ... Read More »

Former Portugal PM Jose Socrates indicted over money laundering


  LISBON: A former Portuguese prime minister has been indicted on graft and money laundering charges as part of a vast corruption investigation. Jose Socrates has repeatedly denied wrongdoing and has dismissed charges contained in a more than 4,000-page indictment as politically motivated. Issued after a four-year inquiry, it accuses Mr Socrates of receiving millions of euros in a scheme ... Read More »

Portugal August trade gap widens


  LISBON: Portugal’s merchandise trade deficit for August widened from a year ago amid double-digit growth in both exports and imports, preliminary figures from Statistics Portugal showed Tuesday. The visible trade deficit was EUR 1.32 billion, up EUR 105 million from the same month a year ago. The year-on-year growth in exports accelerated to 14.3 percent in August from 4.6 ... Read More »

Bank of Portugal expects stronger growth in 2017


  LISBON: The quarterly economic bulletin published by the Bank of Portugal on October 4 foresees Portugal growing above the eurozone average, thanks to stronger exports. The central bank expects GDP to expand by 2.5% in 2017, up from 1.5% in 2016. This rate is expected to be 0.3% higher than the eurozone average. Exports are predicted to outperform consumption ... Read More »

Portugal warns couples to register, to pay less property tax


LISBON: Couples who live together in Portugal are being encouraged to report such to the tax authority, to be eligible for a lower bill under the country’s new municipal property tax. The municipal property tax (IMI) was introduced in January 2017. It is charged at a rate of 0.7 percent for properties worth more than EUR600,000 (USD715,912), with a one ... Read More »

Portugal shares lower at close of trade; PSI 20 down 1.08%

Oslo OBX - shares lower

LISBON: Portugal equities were lower at the close on Thursday, as losses in the Financials, Consumer Goods and Industrials sectors propelled shares lower. At the close in Lisbon, the PSI 20 declined 1.08% to hit a new 3-month low. The biggest gainers of the session on the PSI 20 were Mota Engil (LS:MOTA), which rose 0.53% or 0.0130 points to ... Read More »

Portugal Q2 growth revised higher, best in decade


LISBON: Portugal’s economy grew at its strongest pace in a decade in the second quarter, when it expanded 2.9 percent from a year earlier driven by growing investment, in a slight acceleration from 2.8 percent in the previous quarter, data showed on Thursday. In its second reading of gross domestic product for the period, the National Statistics Institute revised both ... Read More »

Portuguese bond yields record one of year’s biggest weekly jumps

employement rises

LISBON: Portugal’s benchmark bond yield hit its highest level in almost a month on Friday to cap one its biggest weekly jumps of the year, as renewed focus on the ECB policy outlook weakened sentiment towards lower-rated euro zone debt. A sell-off in southern European bonds that began with Italy earlier this week spread to Portugal and Spain on Friday. ... Read More »

Portugal cement exports down 42% in 2016

down pct

LISBON: Portuguese cement exports fell 42% last year compared with 2015, to €85 million, while output dropped 3.1%, a study by Informa D&B said. The consultant highlighted the downward trend seen over the past years in the consumption of cement and ready concrete, though it stressed that the fall has been moderate. The study said that domestic cement sales were ... Read More »

Portuguese premier forecasts strong growth again


LISBON: The Portuguese Prime Minister has once again forecast that Portugal will record the biggest economic growth this century after the publication of latest economic figures. António Costa said last night that latest quarterly growth figures will see 2017 being the best year for the country since it joined the euro at the turn of the century. These latest numbers also ... Read More »

Portuguese economy grows 0.2%, falling short of estimates


LISBON: Portugal’s economic growth decelerated more than forecast in the three months through June, expanding at the slowest pace in a year. Gross domestic product rose 0.2 percent from the first quarter, when it expanded 1 percent, the Lisbon-based National Statistics Institute said in a preliminary report on Monday. That fell short of the 0.6 percent increase predicted by economics ... Read More »

Portugal Q2 unemployment drops sharply to 8.8%


LISBON: Portugal’s unemployment rate fell to 8.8 percent in the second quarter, sharply lower than 10.1 percent in the previous quarter and down from 10.8 percent in the same period a year earlier, official data showed on Wednesday. The National Statistics Institute said the number of unemployed stood at 461,400 in the second quarter, down from 523,900 in the preceding ... Read More »

Portugal online gaming revenue down in Q2

Denmark’s online casino market boosts up in 2016

LISBON: The Serviço de Regulação e Inspeção de Jogos (SRIJ), the gambling regulator in Portugal, has said that revenue from country’s online gaming market declined in the second quarter. Overall revenue for the internet gambling sector came in at €11.4m ($13.5m) in the three-month period, down from €13.9m in the opening quarter of the year. Slot games were responsible for ... Read More »