2017 starts with public debt yields reaching 11-month highs

State direct debt stood at 236 283 million euros at the end of December

The first syndicated Treasury Bonds issue of 2017 allowed the Portuguese State to obtain 3 000 million euros, guaranteeing 20% of the funding needs predicted for 2017. According to Eurostat, Portugal in the third quarter of 2016 recorded the second largest debt to GDP ratio of the 28 European Union countries. Nevertheless, the State direct debt decreased 0.5%, mainly due to the early loan repayment to the International Monetary Fund. Read more on PE Probe

Inflation accelerates in December 2016

With the exception of the OECD forecast, main economic climate indicators showed an upward trend

The Consumer Price Index rose 0.3 pp from the previous month, reaching 0.9% annual change in December 2016. The economic climate indicators of INE and the economic sentiment indicator of the European Commission showed an upward trend, as well as the coincident indicators of the Portuguese Central Bank. Read more on PE Probe

Exports of goods had the highest growth of the year in November

Tourist activity accelerated with total revenues reaching the highest growth rate of the year

Exports of goods rose 7.6% year-on-year in November 2016, but the 8.4% increase in imports of goods led to a rise of 91 million euros in the trade deficit. The surplus of goods and services in the first eleven months of the year rose by 938 million euros. Tourist activity once again accelerated with total revenues growing 23.2%, the highest growth rate of the year. Read more on PE Probe

Unemployment rate down to 10.2% in December 2016

OECD evaluates positively the labour market reforms from 2011 to 2015

The provisional estimate of the unemployment rate for December stood at 10.2%, corresponding to a decrease of 0.3 pp from the previous month. The OECD presented the report on the preliminary assessment on the labour market reforms in Portugal from 2011 to 2015 where it concluded that the reforms helped create jobs and reduce the country's high unemployment rate but warned that the labour market remains highly segmented.The Government has proposed a reduction in the Special Payment on Account of companies in response to the rejection of the reduction of the Single Social Tax in Parliament. Read more on PE Probe

General government deficit improves by 496.8 million euros in 2016

Primary balance until December increases by 747.3 million euros compared with the same period of 2015

The general government deficit stood at 4 255.7 million euros until December, 496.8 million euros lower than for the same period of 2015. The report from the Public Finance Council regarding the budget evolution until September states that the government deficit forecast for 2016 can be achieved. Read More on PE Probe

Brief News

Mário Soares (1924-2017)

The former President of the Republic and Prime Minister Mário Soares died on January 7, at the age of 92, after 25 days of hospitalization in a hospital in Lisbon. Read More On PE Probe

Golden Visa inflow rose 87.5% in 2016

Golden Visa inflow rose 87.5% in 2016 to 874 million euros, according to Foreigners and Borders Service (SEF). In December, the investment in Golden Visa was 87 million euros, up 83.8% comparing with November and up 47% from December of 2015. Read More On PE Probe

Portuguese companies financed by 1.6 million in Seedrs

Luso-British Seedrs, the largest European platform of equity crowdfunding, allowed nine Portuguese companies to get financed during the past year, reaching a total amount of € 1.6 million. Among these is the Tradiio, which was responsible for what is, until now, the largest Portuguese crowdfunding financing ever.

Diplomatic News

Prime Minister António Costa and the Minister of Economy Manuel Caldeira Cabral were at the 47th World Economic Forum in Davos

The 47th World Economic Forum in Davos, with this year motto "a receptive and responsible leadership," ran from January 17-20 in Switzerland, bringing together some 3 000 world economic and political leaders, including the Portuguese Prime Minister and the Minister of Economy. More than 40 heads of state were together at the summit including, for the first time, the Chinese President. Read More On PE Probe

President of the Republic of Serbia official visit

Between 25 and 27 January the President of the Republic of Serbia, Tomislav Nikolic, paid an official visit to Portugal. During the visit, in addition to the institutional and working meetings with the Portuguese Head of State, Marcelo Rebelo de Sousa, President Tomislav Nikolic met with the President of the Parliament, Eduardo Ferro Rodrigues, with the Prime Minister, António Costa, and with the mayor of Lisbon, Fernando Medina. Read More On PE Probe

Prime Minister António Costa official visit to India

Portuguese Prime Minister António Costa made an official visit to India invited by Indian Prime Minister, Narendra Modi who received him with the honours of a Head of State. During the visit, António Costa (son of a Goan, his father, the writer Orlando da Costa, was a Brahmin and a Catholic) was the main honoree at the annual homage ceremony for Indians or descendants who have distinguished themselves abroad. Read More On PE Probe

Jorge Torres Pereira, Portuguese Ambassador to China, named as the economic diplomat of the year

The Portuguese Chamber of Commerce and Industry (CCIP) distinguished Jorge Torres Pereira, Portuguese Ambassador to China, as economic diplomat of the year at the fourth annual Francisco de Melo e Torres award. The award was presented during the Diplomatic Seminar promoted by the Ministry of Foreign Affairs. Read More On PE Probe