Wealth generated in the Porto region already accounts for 16.2% of the national GDP

With a 12% growth in one year, the wealth generated in the Porto Metropolitan Area (AMP) already accounts for 16.2% of the national Gross Domestic Product (GDP). Data from the Economic Bulletin, prepared by the Municipality, which covers the city and the AMP in areas such as demographics, talent, health, macroeconomics, transactions, businesses, tourism and infrastructure, real estate and housing, and sustainable development, also reveal a 2.4% increase in the number of inhabitants in 2023, thanks to immigration.

The figure stands at 248,769 residents, with nearly 23,000 of them coming from the city's appeal to foreign populations who choose Porto as their new home.

Based on the number of tourist overnight stays, commuting flows, and estimates of the resident population, around 400,000 people are expected to move through the area on average each day.

With record figures achieved in tourism, we highlight 2.8 million guests, 15.2 million passengers handled by Francisco Sá Carneiro Airport, and € 434.7 million in revenue from tourist accommodation.

Regarding consumption, transactions using Portuguese cards on the Multibanco (ATM) network exceeded pre-pandemic levels in 2022 and 2023, increasing by 7.1% year-on-year in the last year and totalling approximately € 2.8 billion.

Consumption made using foreign cards, in turn, showed a more significant increase, totalling € 650.8 million (a 71.7% increase compared to 2019).

The data confirm economic growth in the AMP since 2018, with the region's wealth increasing by over 12% between 2021 and 2022. The € 40 billion represent 16.2% of the national GDP.

Foreign direct investment creates nearly six thousand jobs

Companies in the region attracted € 4.3 billion in investment, a 10% increase in capacity in a single year, with a quarter of this capital corresponding to Foreign Direct Investment (FDI) projects, which created nearly six thousand jobs.

In 2023, there was an increase of approximately 5.8% in the number of newly established companies, reflecting a positive net balance of 49.5% when comparing the number of new companies to those dissolved.

According to the bulletin, families in the Porto region receiving child benefits (5.8%) are fewer in number compared to the national average (8%), but there are more recipients of Social Integration Income (6.1% versus 2.5%). With just over ten thousand registered unemployed, the region has nearly four times as many doctors and nurses per inhabitant as the rest of the country.

In higher education, data indicate that institutions located in the city account for 67% of the total in the AMP and 13.9% of the national total. In the 2022/2023 academic year, higher education institutions in Porto graduated 16,083 students, which accounts for 16.8% of the total number of graduates in the country.

"A transparent administration is essential for building trust between the population and local authorities", states the Councillor for the Economy. For Ricardo Valente, "providing clear and accessible economic data strengthens accountability, i.e., the accountability of those in power".

Another crucial point, according to him, is the impact that making this data available has on citizens, investors, and institutions in the city.

"For citizens, access to reliable economic information can influence everything from consumption decisions to family financial planning. For investors, it is vital for assessing the city's business environment, identifying investment opportunities, and understanding associated risks. For institutions, both public and private, the data are essential for strategic and operational planning", says the councillor.

The Porto 2023 Economic Bulletin can be viewed on the Municipality's website, as well as on the economic information platform Leme.