Portuguese business invested more abroad than other countries' companies invested in Portugal in 2011, with the former amount equivalent to 4.4% of gross domestic product and the latter to 5.3%, an industry survey has found.
According to the 2012 Competitiveness Report, to be published this week by the Portuguese Industrial Association, foreign direct investment (FDI) in Portugal from 2007 to 2011 was equivalent to 2% of GDP for the period.
“Portuguese direct investment abroad recorded, in 2011, a level considerably higher than in previous years, reaching a value equivalent to 5.3% of GDP, a higher level than FDI in Portugal,” says a summary of the report that Lusa News Agency has seen.
Cumulative FDI in Portugal in 2011 was 49.3% of GDP, while Portugal’s cumulative direct investment abroad was 30.7%.
The report also shows labour costs in Portugal as having fallen 0.6% in 2011, thanks mainly to pay cuts in the civil service.
It says unit labour costs in the euro zone as a whole rose 0.9% that year. In 2011 fiscal receipts, including social security contributions, was 33.2% of GDP, up 1.7% from 2010.
“Portugal is fourth in the European Union in terms of the ratio of tax revenues on companies’ income as a percentage of GDP and in total fiscal receipts,” the summary states.
Comparisons with 15 other EU economies are provided in the report, which is published annually by the association.