It’s
certainly a major factor, especially in the Algarve, but Portugal is now ranked
21st among 45 countries in the Europe region for its financial stability, and
its overall score is above the regional and world averages.
For
those of us who live and work in the Algarve, it’s easy to believe that tourism
is the major industry of Portugal. That may be true of the Algarve, it’s
certainly far from true for Portugal.
Main
industries include oil refineries, cement production, plastic products,
textiles, construction, steel, footwear and leather and of course tourism.
Portugal's Travel & Tourism total contribution to GDP represents
approximately 17 percent. This figure is predicted to reach close to 20 percent
of GDP this year. GDP stands for "Gross Domestic Product" and
represents the total monetary value of all final goods and services produced
(and sold on the market) within a country during a period of time (typically 1
year).
World-leading
companies
Portugal
is home to a number of notable leading companies with worldwide reputations,
such as The Navigator Company, a major world player in the international
paper market; Sonae Indústria, the largest producer of wood-based panels
in the world; Corticeira Amorim, the world leader in cork production; ConservasRamirez, the oldest canned food producer, Cimpor, one of the world's 10th
largest producers of cement; EDP Renováveis, the 3rd largest producer of
wind energy in the world; Jerónimo Martins, consumer products manufacturer
and retail market leader in Portugal, Poland and Colombia. This group
previously owned the famous London store Lilywhites but sold this store in
2002.
Farming
Agriculture
in Portugal is based on small to medium-sized family-owned dispersed units
but this is changing as large groups see and invest in the potential of
Portugal’s attractive climate and easy access to the EU market in the north of
Europe. Vitacress is a name we all see in the local supermarkets. When I moved
to the Algarve I enjoyed horse riding and especially in the Almancil area.
There were enormous watercress farms, owned by Vitacress, and reputedly they
flew watercress to the UK on every UK-bound TAP flight out of Faro to supply
M&S.
These
days they grow everything from new potatoes to prepacked salads. Their turnover
is reported at almost €150 million, and they employ over 1,000 people in
Portugal. Their farms are now located from the South to the North of Portugal
as well as Spain. Personally, I buy some of their products every week, the
quality is superb.
EDP
Renováveis (Renewables) is much larger than a simple supplier of electricity
for home and commerce. Their renewable energy arm operates in three broad
geographic areas: Europe, North America, and South America. Its internal
composition is organized similarly, being divided into three platforms: Europe
and Brazil, North America (including the Canadian and Mexican markets) and
Offshore.
It currently
owns and operates wind farms in Brazil, Canada, Mexico, the United States, Spain,
Portugal, France, the United Kingdom, Poland, Italy, Romania, Belgium, and Greece.
Their annual income is over three hundred million.
Portugal is a world leader in cork
Organised in
five Business Units
– Raw-Materials, Cork Stoppers, Floor & Wall Coverings, Composite Cork and
Insulation Cork – Corticeira Amorim sells an array of products largely to such
industries as the aeronautical, construction and wine-producing industries.
They contribute to the Portuguese economy with an annual turnover of
approaching €500 million. As you drive through the Alentejo you now know the
value to Portugal of those cork trees you see so many of.
See Portugal in a new light
Anyone living
in the center and North of Portugal will probably say, yes we know that, but
here in the Algarve, I believe, we tend to be very focused on tourism. That’s
inevitable as tourism is all around us and it’s critically important to
Portugal. However, it’s important to realise that tourism contributes only
around 17 percent to 20 percent of Portugal’s GDP.
There are so
many world-leading industries and companies based here. Portugal is an
important producer of a wide range of products and services.
The
Gross Domestic Product (GDP) in Portugal was worth 249.89 billion (yes billion)
US dollars in 2021, according to official data from the World Bank. This is
predicted to increase this year. The GDP value of Portugal represents 0.19
percent of the world economy. (Source: World Bank)
Portugal
may be a relatively small country, but it has a big footprint in Europe.
Resident in Portugal for 50 years, publishing and writing about Portugal since 1977. Privileged to have seen, firsthand, Portugal progress from a dictatorship (1974) into a stable democracy.
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The only problem is the money only goes in the back pocket of the socialist Goverment+ the handouts from the EU coffers. It never goes to improve the life of the Portuguese people. Shameful
By J from Lisbon on 16 Oct 2022, 19:49
How can the country still be technically bankrupt, and only surviving on EU/ECB loans?
By Fred Doe from Algarve on 17 Oct 2022, 09:18