The total wealth in the Porto Metropolitan area has increased recently due to an increase in foreign investment doubles and more cash inflow within the city. The rise in jobs within Porto City increased since 2022.
More Job opportunities in Porto
Job opportunities are increasing due to more foreign direct investment (FDI) being made in the country. It has been noted from statistics that 6000 more job offers were made in 2023 as compared to 2022. This trend is also followed in 2024 as more jobs are being offered. If we talk about statistics, the wealth of the region increased by 12% between the years 2021 and 2022. A total of 40 billion euros were raised. This contributed to the national Gross Domestic Product (GDP) as well by a whopping 16.2%.
The councilor who is responsible for the economy of the country states when asked about the benefit of this increment in jobs:
A basis for analyzing decision-making by all those who have a relationship with the city of Porto: who live, work, invest, and have companies and businesses here.
Ricardo Valente, a councilor for finance gives his opinion about the whole scenario:
The promotion of a culture of transparency and access to economic information is, therefore, crucial for the sustainable and equitable development of the city. For the mayor, the availability of clear and accessible economic data strengthens accountability, that is, accountability on the part of government officials.
The background and details about the sudden increase in jobs
The main benefit that can be concluded is that an 8.1% increase in foreign direct investment (FDI) in AMP was recorded in the year 2023. The total amount seems to be around 1,020 million euros. This is a significant increase over the 944 million euros recorded in 2022. An even greater amount of FDI, 651 million euros, was recorded in 2021 which was twice that of the previous year. As a result of these developments, employment increased by approximately 6,000 in 2023 as opposed to over 3,000 in 2022.
Between 2021 and 2022, AMP’s wealth climbed from 12.3% to 39,179 million euros. This amount was recorded to be 16.2% of the country’s GDP. There was an increase in the tourist industry as well, which saw a 22.5% increase in visitors in 2023. A total of 2.8 million individuals were recorded to visit Portugal. In addition, the number of lodging facilities increased by 13.9%. This amassed the total income to about 435 million.
In 2023, the real estate market did not fare as well; 5,718 residences were sold and a decrease of 18% was noted since 2022. The entire value of homes sold in this city, which has had a 6.1% population rise over the past ten years, is 1.8 billion euros.
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