How important is tourism in Portugal?
This is certainly a major factor, particularly in the Algarve, but Portugal is now ranked 21st out of 45 countries in the Europe region for its financial stability, and its overall score is above regional and global averages.
For those of us who live and work in the Algarve, it’s easy to believe that tourism is Portugal’s main industry. This may be true for the Algarve, it is certainly far from true for Portugal.
Major industries include oil refineries, cement production, plastic products, textiles, construction, steel, footwear and leather and of course tourism. The total contribution of travel and tourism in Portugal to GDP is approximately 17%. This figure is expected to reach almost 20% 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 in the market) in a country over a period of time (usually 1 year).
World famous companies
Portugal is home to a number of notable world-renowned leading companies, such as The Navigator companymajor global player in the international paper market; Sonae Industriathe largest producer of wood-based panels in the world; Corticeira Amorimworld leader in cork production; ConservasRamirezthe oldest producer of preserves, Cimporone of the 10th cement producers in the world; EDP Renováveisthe 3rd largest producer of wind energy in the world; Jeronimo Martins, consumer products manufacturer and market leader in distribution in Portugal, Poland and Colombia. This group previously owned the famous London store lilywhites but sold this store in 2002.
Agriculture in Portugal is based on dispersed small to medium sized family units, but this is changing as larger groups see and invest in the potential of Portugal’s attractive climate and easy access to the EU market. in northern Europe. Vitacresse is a name we all see in local supermarkets. When I moved to the Algarve I loved horse riding and especially in the Almancil area. There were huge watercress farms, owned by Vitacress, and they are said to have been transporting watercress to the UK on every destination. FAUCET flight out of Faro provide
These days, they grow everything from new potatoes to prepackaged salads. Their turnover amounts to nearly 150 million euros and they employ more than 1,000 people in Portugal. Their farms are now located from south to 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 more than just a home and commercial electricity supplier. Their renewable energy business operates in three major geographies: Europe, North America and South America. Its internal composition is similarly organized, 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, United States, Spain, Portugal, France, United Kingdom, Poland, Italy, Romania, Belgium and Greece. . Their annual income is more than three hundred million.
Portugal is a world leader in cork
Organized into five Company Units – Raw materials, cork stoppers, floor and wall coverings, composite cork and insulating cork – Corticeira Amorim sells a range of products largely to industries such as aeronautics, construction and the wine industry. They contribute to the Portuguese economy with an annual turnover of nearly 500 million euros. Crossing the Alentejo, you now know the value for Portugal of these cork oaks that you see so often.
Discover Portugal in a new light
Anyone living in central and northern Portugal will probably say, yes, we know that, but here in the Algarve, I believe, we tend to be very tourism oriented. It is inevitable because tourism is all around us and it is of crucial importance for Portugal. However, it is important to realize that tourism only contributes around 17-20% of Portugal’s GDP.
There are so many world famous industries and companies based here. Portugal is a major producer of a wide range of products and services.
Gross Domestic Product (GDP) in Portugal was worth 249.89 billion (yes billion) US dollars in 2021, according to official World Bank data. This should increase this year. Portugal’s GDP value represents 0.19% of the global economy. (Source: world Bank)
Portugal may be a relatively small country, but it has a big footprint in Europe.