The fastest growing industries in Portugal in 2023.

Portugal experienced exceptional industrial growth in 2023, with a number of industries reporting considerable increases in activity. Among the most notable was the food and beverage sector, which had a 6.86% increase in exports to 7,526 million euros. In terms of turnover and gross value added, this industry has not only penetrated new markets but also established itself as one of the primary drivers of the US economy.

Another area that demonstrated good dynamics was transport, particularly occasional passenger transport in light cars, which accounted for the majority of the 4,282 new enterprises established in this sector, representing a 60% increase over the previous year. In December 2023, transport contributed 4572.40 million euros to the country’s GDP, indicating its importance in the country’s economic structure. This rise demonstrates the vitality and adaptability of Portuguese companies to market demands and fresh opportunities.

In addition, the number of new corporations in general increased, with 35 thousand new entities formed by August 2023, representing a 6.3% rise over the same period in 2022. This tendency demonstrates the entrepreneurial climate and trust in the country’s economic structure.

Portugal’s top three industrial sectors for 2023 represent the country’s economic variety and resiliency. Based on the available data, we may highlight the following sectors as the most prominent:

1. Renewable Energy: EDP Energias de Portugal SA is a driving force in the Portuguese economy, with a strong emphasis on developing its renewable energy portfolio, which includes solar, wind, and hydropower. Greenvolt-Altri SGPS also stood out, with initiatives in biomass, wind, and solar, both in Portugal, other European markets, and the United States.
2. Tourist: The tourist sector remained an important pillar of the economy, with TAP Air Portugal reporting a 30% increase in passenger traffic in the first half of the year, indicating a healthy rebound in this sector.
3. Technology and Innovation: Although with undetermined results, the technology and innovation sector has been a rapidly rising field in Portugal, attracting international investment and supporting innovative start-ups.

These facts demonstrate the robust and innovative character of Portuguese industries, which continue to flourish and contribute considerably to the country’s development despite global and local problems. Portugal is strengthening its position as a prominent participant in the global industrial scene by focusing on quality, innovation, and expanding into new markets.

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