TAP made a profit of 177 million in 2023

The airline achieved a net result of 177 million euros in 2023, below the 203 million recorded up to September. A loss of 26.2 million in the last quarter impacted the year's performance.

Consumer confidence indicator at highest level


Confidence indicators increased in services and slightly in trade, while they fell moderately in manufacturing and construction and public works.

Portugal: Far-right biggest winner


The Portuguese didn't respond to the calls for a useful vote in Sunday's legislative elections, resulting in the "most fragmented parliament ever" and with Chega being the "big winner".

Retailer Jerónimo Martins to invest €1.2B


Portugal's retailing giant Jerónimo Martins plans to invest €1.2 billion this year, an amount that "also takes into account the initial investment" to launch  operations in Slovakia.

One week before elections main parties convinced of victory


More than 10.8 million Portuguese are expected to vote on Sunday to elect 230 deputies to the Portuguese Parliament. Eighteen political forces, 15 parties and three coalitions are running.

Civil engineering group Mota-Engil sees record €113M profit


The year 2023 was "characterised by a strong operating performance, achieving record levels of production in the Engineering and Construction (E&C) area", it stressed.

Opinion Managing uncertainty and accelerating a decarbonized world

Miguel Stilwell,

It is critical to accelerate investment and modernization of electrical infrastructure to accompany the renewables growth strategy, create stable and predictable regulatory contexts.

Centeno argues for caution in wage increases

ECO News,

The governor says that monetary and fiscal policies need to recognize the challenges of the labour market.

Stock market closes with benchmark up 0.7% led by BCP

ECO News,

The Lisbon stock market closed higher on Monday, with the PSI index rising 0.69 % to 6,572.24 points, supported by strong rises from BCP and Jerónimo Martins.

Medina blames TAP management for salary cuts

ECO News,

The ministry led by Fernando Medina states that it "was not informed nor consulted about changes in salary processing" at the airline.

Prime-minister António Costa resigns from office

ECO News, Lusa,

The decision comes after an investigation by the Public Prosecutor's Office in an enquiry launched by the Supreme Court, following an operation into the lithium and green hydrogen businesses.

Stoppage at VW unit sees hundreds lose jobs at suppliers


According to the coordinator of Works Councils at the industrial estate, by last Friday Autoeuropa and its supplier companies had already confirmed the dismissal of 291 casual workers.

Mexico economic deal to focus on ports, energy


"We're working towards having something important to do together by the end of the year," said António Costa, the Portuguese PM.

Heatwaves, floods will have economic impact, says EC


Several European countries, including Portugal, have been affected by phenomena such as heat waves that are conducive to forest fires, floods caused by high levels of precipitation, among others.

Opposition party hopes to cut youth income tax to a third


PSD intends to reduce the income tax bracket for young people up to the age of 35 to a maximum of 15% (with the exception of the top bracket) from 1 January 2024.

Wine production to grow but less than forecast


At the end of July, the Institute of Vine and Wine estimated an increase in production for the 2023/2024 grape harvest of around 8% for a volume of 7.4 million hectolitres.

Fruit, veg exports break €1B in H1 for first time ever


The results "counteract the downward trend in the value of exports that Portugal recorded in the first half and "confirm the strategic importance of the sector".

 Airport numbers up more than 28% to 31.3M in H1


The UK was the main country of origin and destination of flights, with a growth of 23.7% in the number of passengers who disembarked, France ranked second, followed by Spain.

 Venezuela to calculate damages caused by NB account freeze


The Portuguese courts had decided to unblock more than €1.3bn that was held in Portugal in accounts of Venezuelan institutions and companies at Novo Banco.

July inflation rate falls to 3.1%, 0.3 pp lower than June


In July, the month-on-month change in the CPI was -0.4% (0.3% in the previous month and nil in July 2022), while the average change over the last 12 months was 7.3%.

June goods exports down 3.4%, imports 7.6%


In June of this year, the trade deficit was €2.122 billion, or €496 million smaller than a year earlier. Without the fuels and lubricants component, the deficit swelled by €136 million to €1.522B.

Industry sales in Q2 down 4.7% YoY after Q1 increase


Sales to foreign markets were in June down 10.2% on the year (following a drop of 2% in May), resulting in a contribution of minus 4.5 percentage points to the aggregate index.

Azores Airlines adds more flights from Porto


The reinforcement of the Azores Airlines operation in Porto will take place "from next IATA winter" (which starts in October and runs until March 2024).