Skip to main content
January 6, 2023

2023 is poised to be a great year for Portugal

Happy 2023 to everyone!

A new year always brings hope and high expectations on what’s to come. And things are looking good when it comes to Portugal’s ever expanding growth.

While the whole world is looking at a recession, Portugal is getting ready to take that on with many policies to contain its economy and especially bring back tourism to pre-pandemic levels.

The tourism industry makes up to 17% of the country’s GDP and the two years of pandemic hit hard on these numbers. Since 2021, after the end of lockdowns and most flight restrictions, numbers have been steadily increasing. In 2023 the forecast is to finally get back to the 2019 numbers and keep growing.

This positive forecast for tourism comes at a great time for Immerso Collective, as Ode Winery officially starts operating this year and our team expands for the construction of Ode Farm & Living resort, with villas, glamping, wellness centre and restaurants.

Travel and hospitality activities aren’t the only ones with expected growth in 2023. According to Hays Annual Report, 82% of companies are ready to recruit this year in every sector, mainly IT, engineering, sales and administrative. Out of those, 81% are looking to hire in permanent positions. As a result on the country’s investment in sustainability, the offer for environmental engineering has skyrocketed to the top 10 most sought-after professionals by employers.

In general, despite growing inflation in Europe, Portugal’s inflation rate is projected to be 5.8%, coming down from 2022’s 8.1%, and under the eurozone average of 8.5%. For 2024, the expectation is for these numbers to lower to 2.3%, as the second semester of 2023 should bring the decrease in prices of energy and food commodities. The country’s budget performance has been consistent, with the deficit falling substantially over the past two years and hopes for a surplus in 2023.

At the end of the day, while there are undeniable challenges ahead, Portugal is in the right path for success.

Here’s for a bright 2023!