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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 »

Unemployment in Portugal falls to 9.0% in June

fall-bccl (1)

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%

Oslo OBX - shares lower

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

employement rises

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

Portugal China

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 »