Dollars have been making good sense in Portugal lately. This western European country has been making significant economic gains and last week, several positive economic gains were announced.
The first announcement was that unemployment rates have hit a new low—over 100,000 fewer people visited local job centres compared to this time last year, bringing Portugal’s overall unemployment rate down to 8.5% in the third quarter. In particular, unemployment rates tumbled by almost 25% in the under-25 demographic. A significant change for a group that was amongst the hardest hit by the economic crisis. Portugal’s current rate of unemployment has not been this low since 2008.
But the good economic news didn’t stop there. The European Commission positively revised its budget deficit forecast for Portugal in 2017 taking the rate down to 1.4% from the previous figure of 1.8%. Additionally, overall debt in relation to the GDP is projected to fall from 130% to 126%.
While all of this bodes well for Portugal, it’s also good new for those looking to invest. A strong economy, combined with a shrinking bureaucracy, and political stability all mean that Portugal makes good business sense. And on top of that, it’s possible to gain residency in as little as 45 days—one of the fastest times in the entirety of the European Union.
If you’d like to learn more about how Portugal might be a fit for you, contact us today to arrange a free consultation.