Four main Portuguese banks profit €5M a day in 2018

ECO News,

The profits of the four Portuguese main banks got up to €1.8 BN in 2018, which means their daily revenue was at around €5M. How did they get here?

Big six banks step up sales of non-performing loans

Lusa,

 The six largest banks operating in Portugal accelerated their sales of non-performing loans in 2018, with at least €5.719 billion having been passed on in this way, according to Lusa’s calculations.

Is Portugal at risk of entering a recession in 5 years?

ECO News,

CFP's economist noted that there is "a lot of divergences" in the GDP's evolution, and said the lack of improvement in productivity between 2000 and 2017 is concerning.

Socialist leader defends creation of European taxes

ECO News,

The candidate representing the socialist party for the European elections, Pedro Marques, defends the creation of European taxes on transnational companies.

Indebtedness level at 357% of GDP in 2018

ECO News,

The non-financial sector's indebtedness level includes the whole economy, excluding the banking system. In comparison to the previous year, BdP's data shows there was a reduction of indebtedness.

BdP governor denies involvement with controversial loans

Lusa,

The governor of the Bank of Portugal (BdP), has denied any involvement in the decisions regarding loans that caused major losses to CGD, during his term as a director of that bank.

Producer prices fall 0.4% in January; YoY increase slows

Lusa,

IPPI was down by 0.4% in January and up 1.2% year-on-year, which represents a slowdown from the 2.7% y-o-y rate witnessed the previous month of December, according to INE.

Lisbon council to pay €7.86m of tourist tax to clean streets

Lusa,

A part of Lisbon's revenue coming from the tourist tax will be allocated to the city's boroughs, to pay for street cleaning. The decision was approved by Lisbon's municipal assembly this Wednesday.

Financial burden of medical care heavy for 15% of Portuguese

ECO News,

Portugal is one of ten European member-states where families classified their expenses with medical care, dental care and prescription drugs as having a high burden on their budget.

Economic activity flat in December; worse in January

Lusa,

The official indicator of economic activity in Portugal was little changed in December while that for the economic climate in January fell that month, according to the National Statistics Institute.

OECD’s 12 recommendations to Portugal

ECO News,

OECD's Economic survey on Portugal comes along with 12 recommendations. According to the report the Portuguese economic conditions have improved significantly "with GDP now back to pre-crisis levels".

PM reshuffles government for the fourth time in his mandate

Lusa,

The Prime Minister, António Costa, reshuffled the government for a fourth time since taking office. On Sunday, the PM announced the promotion of three secretaries of state to ministerial roles.

Consumer credit granted in 2018 rose 10% to €7.354 bn

Lusa,

The central bank released this Friday the values of consumer credit granted in 2018, which increased by 10%, up to €7.35 billion last year. Car loans rose to €3.12 billion.

Update from “junk” attracts French and Asian investors

ECO News,

The president of the IGCP, Cristina Casalinho, has explained that the Portuguese debt's investment levels have increased significantly due to the update in the ratings.

Number of tourists coming to Portugal reached new high

ECO News,

There was an increase in the number of nights spent - however, this increase was much less significant than in previous years, having basically stagnated if we look at the number of non-residents.

Costa contacted by UK’s May to press changes in Brexit deal

Lusa,

Theresa May, the Prime Minister of the UK, contacted her Portuguese counterpart in order to convince him to back her quest for changes to the Brexit agreement signed with the EU.