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Portugal cement exports down 42% in 2016

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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

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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

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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%

PRICES FALL

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 »

Unemployment in Portugal falls to 9.0% in June

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LISBON: The unemployment rate in Portugal fell in June to 9.0% the National Statistics Institute (INE) said on Friday, adding it had revised the May unemployment rate to 9.2%, the lowest figures since November 2008. Unemployment falls to 9.0% in June On a like-for-like basis, INE’s provisional figure for June is a decline compared to 11.1% a year earlier. The ... Read More »

Portugal stocks lower at close of trade; PSI 20 down 0.27%

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LISBON: Portugal stocks were lower after the close on Wednesday, as losses in the Consumer Goods, Technology and Financials sectors led shares lower. At the close in Lisbon, the PSI 20 lost 0.27%. The best performers of the session on the PSI 20 were Sonae (LS:YSO), which rose 1.35% or 0.0130 points to trade at 0.9780 at the close. Meanwhile, ... Read More »

Portuguese imports and exports on the up

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LISBON: Portuguese exports increased 15.4 percent and imports rose 22.4 percent in May, compared to the same period last year, which translated into a widening of the trade deficit to €1.438 billion. According to information released on Monday by the National Statistical Institute (INE), in April exports had registered a year-on-year rise of 0.1 percent, and imports of 11.4 percent. ... Read More »

Portugal, China to step up cooperation under Belt & Road Initiative

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LISBON: Portugal and China have pledged to deepen cooperation under the Belt and Road Initiative, a global infrastructure project spanning dozens of countries. Mutually beneficially cooperation between China and Portugal has great potential for the initiative, said China’s top legislator Zhang Dejiang while meeting here with Portuguese Prime Minister Antonio Costa. Zhang, who paid an official friendly visit to Portugal ... Read More »

European investment bank hands Portugal state bank €300m

Portugal Central Bank

LISBON: The European Investment Bank (EIB) will grant a 300 million euro loan to Caixa Geral de Depósitos (CGD) to facilitate financing of small and medium-sized investment projects implemented by Portuguese SMEs and midcaps. Part of this loan will also be aimed at funding projects of public entities and other promoters in sectors including health, education and energy and also ... Read More »

Portuguese airline TAP resumes Bucharest-Lisbon flights

TAP Portugal airlines

LISBON: Portuguese airline TAP will resume direct flights from Bucharest to Lisbon on July 7, more than a year after suspending this route. The company invested last year in purchasing 53 new planes, which have allowed it to open new routes. TAP estimates it will transport some 35,000 passengers between the capitals of Romanian and Portugal by the end of ... Read More »

IMF praises Portuguese economic revival

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LISBON: Portugal is riding the wave of the eurozone recovery with a pickup in investment and expanding exports that are expected to lift growth by 2.5 per cent this year, the former bailout country’s best performance for more than two decades, the International Monetary Fund said. In its latest post-bailout review, the IMF sounded an upbeat note, saying the “near-term ... Read More »

Angolan Vice President to be tried for corruption in Portugal

Portugal charges vice-president of Angola with corruption and money laundering

LISBON: Angolan Vice President Manuel Vicente will face trial in Portugal over allegations he bribed a magistrate to drop two investigations against him, according to a Wednesday ruling cited in Portuguese media. Vicente, who was the president of Angolan national oil company Sonangol at the time of the alleged crimes, is accused of bribery, money laundering and document falsification, the ... Read More »

Cristiano Ronaldo to testify in £12.9m tax fraud case on July 31

Cristiano Ronaldo to testify in £12.9m tax fraud case on July 31

LISBON: Any chance Cristiano Ronaldo had of playing for Real Madrid against Barcelona in a friendly in Miami on July 29 looks to have disappeared after he was summoned to court in Madrid on July 31 as part of the investigation into his tax affairs. Ronaldo is understood to have already told Portugal team-mates he will not play for Madrid ... Read More »

Portugal’s inflation eases in May: Statistics Portugal

Inflation eases

LISBON: Portugal’s consumer price inflation eased in May after accelerating in the previous month, figures from Statistics Portugal showed. The consumer price index climbed 1.5 percent year-over-year in May, slower than the 2.0 percent rise in April. The largest downward pressures on the overall annual rate of change came from decreases in the prices of clothing and footwear and furnishings, ... Read More »

Portugal Feb-April trade deficit widens 15%

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LISBON: Portugal’s global trade deficit widened 15 percent in the three months between February and April as imports rose more than exports, the National Statistics Institute (INE) said on Friday. The trade deficit, which is for goods only, rose to 2.862 billion euros from 2.480 billion euros a year earlier. Exports rose 11.1 percent while imports jumped 11.8 percent. In ... Read More »

Portuguese banks must shoulder new transactions tax

New Zealand meat, wine exports to face uncertainty on U.S border tax

LISBON: Banks in Portugal will no longer be able to pass a tax on card transactions on to customers, the country’s Assembly has ruled. In a note, the Assembly clarified that “the holder of economic interest in the fees,” which it described as credit institutions, financial companies or other entities legally equivalent to them, should be solely responsible for paying ... Read More »

Portugal seeks to expand trade with Russia, neighboring markets

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ST. PETERSBURG: Portugal seeks to expand trade with Russia and neighboring markets and establish Russian-Portuguese joint ventures in a number of economy sectors, Portugal’s Minister of Economy Manuel Caldeira Cabral told Sputnik on the sidelines of the St. Petersburg International Economic Forum (SPIEF). The minister added that both countries could enjoy benefits of such cooperation, with new markets opened up. ... Read More »

Portuguese socialists want to review tax brackets

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LISBON: The president of the governing socialist party, PS Carlos César, said that the Government’s priorities up to the end of its term should be to review income tax brackets and improve the income of families, also through direct wages. According to the president of the PS Parliamentary Group, the Socialist Government must have well-defined goals in the next two ... Read More »

Portugal urged to reverse mounting taxes on tourists

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LISBON: Portuguese restaurateurs and hoteliers are calling for the repeal of the growing number of taxes being levied on tourists. Capital city Lisbon and Cascais were the first municipalities in the country to introduce tourism taxes. Other municipalities such, as Porto and Vila Real de Santo Antonio, are also “discreetly” starting to tax tourists, Portugal’s hotel and restaurant association, AHRESP, ... Read More »