Foreign Direct Investment (FDI) generated twice as many jobs in the Porto Metropolitan Area (AMP) in 2023, adding nearly 6,000 more positions compared to 2022.

The region's wealth grew by 12% from 2021 to 2022, reaching almost €40 billion, which represents 16.2% of the national GDP, according to a report by ECO.

This data is included in the annual Economic Bulletin that the municipality initiated last year, and which the councillor responsible for the economy plans to be “a basis for analysing 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 went on to add that “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.”

In this bulletin, the spotlight is on the 8.1% growth in FDI in AMP in 2023, reaching approximately €1,020 million, surpassing the €944 million recorded in 2022 and more than doubling the €651 million of foreign investment in 2021, The Portugal News reports.

These projects led to the creation of almost 6,000 jobs in 2023, twice the number of jobs created in 2022, which was over 3,000.

Data relating to company investment in AMP refers to 2022, amounting to €4,286 million, marking a 10% increase from the previous year. Regarding the number of businesses, the figures remain unchanged from the 2022 bulletin, with the city having 47,307 companies in 2021, 2,247 more than in 2020. 

In addition, AMP's wealth grew by 12.3% between 2021 and 2022, reaching €39,179 million, which represents 16.2% of the national GDP.

Also noteworthy is the tourism sector, which recorded a 22.5% growth in the number of guests, totalling 2.8 million people, in 2023. The number of accommodation establishments increased by 13.9% to 443, generating revenues of almost €435 million, a 31.1% increase compared to the previous year.

Moreover, the real estate market performed less favourably in 2023, with 5,718 homes sold, marking a 18% decline compared to 2022. The total value of houses sold amounted to €1.8 billion in a city that has seen a 6.1% increase in population over the last decade.