Dear Blanca,
I’m exploring the idea of selling mangoes as a niche business in Portugal. To determine the profitability of this venture, I’m wondering how the Portuguese economy has developed over recent years.
Strawberry Steve from Silves
Dear Strawberry Steve,
Thank you for writing to me with your question about the Portuguese economy. It’s humbling to know that someone who lives as far away as Silves is interested in doing business in Portugal, and I’m happy to assist you with any insights I can provide on the local economy.
When it comes to economic development in Portugal, the picture is quite encouraging. Although the country has grappled with a number of issues, particularly those involving the 2008 Eurozone crisis, some positive developments have taken place in recent years. In terms of quantitative easing, Portugal’s government has implemented a number of beneficial tax changes and incentives. This has in turn created more job opportunities and increased the flow of business throughout the country. They have also woo’ed foreign investment via there various visa schemes and tax breaks.
Benefits of Portugal’s Economy:
• Low Taxes: Taxes in Portugal are significantly lower than other parts of Europe, making it more attractive for businesses.
• Job Opportunities: The implementation of beneficial tax changes has created more job opportunities throughout the country.
• Improved Trade: The flow of businesses in Portugal has increased significantly due to the tax cuts.
Conversely, there have been some challenges for the Portuguese economy as well. The triple wammmy of Covid Recovery, Gentrification, and one of the highest inflation rates in the EU. This has caused the already underpaid Portuguese worker to demand higher wages. Most signs point to a bright future for Portugal as the government works to address these issues.
While the Portuguese economy has faced some difficulties in recent years, there have been a number of positive developments that make the country an attractive place for businesses. I hope this information has been helpful to you in determining the profitability of your mango niche business in Portugal.
Best of luck to you in your business endeavors, and I hope you are enjoying life in lovely Silves.
Sincerely,
Blanca Valbuena