Latest news and stories about economic impact in Portugal for expats and residents.
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Francisco Pereira Coutinho, a commentator for CNN Portugal, points out that the US “is self-sufficient in terms of oil,” so the closure of the Strait of Hormuz “does not represent as big a problem as it does for us in Portugal.”
CNN Portugal commentator Sérgio Sousa Pinto states that Europe is one of the major victims of the war in the Middle East, given its high external dependence on fossil fuels.
José Manuel Rodrigues highlighted the “positive consequences” of the tension in the Middle East.
In this Thursday's commentary, Miguel Sousa Tavares criticises the United States' strategy in the conflict with Iran and warns of the economic and political impact of the war, arguing that Europe needs to assert a more independent position.
The mayor of Leiria, Gonçalo Lopes, presented the estimated costs for the replacement of public and collective infrastructure, which are around one billion euros.
The mayor of Leiria, Gonçalo Lopes, presented the estimated costs for the restoration of public and collective infrastructure.
Preliminary assessment indicated 118 million euros.
The 32 member countries of the International Energy Agency (IEA) have unanimously decided to release 400 million barrels of oil from strategic reserves into the markets. Portugal will mobilise two million barrels from its strategic reserves. The US President stated this Wednesday that there is 'practically nothing left' to attack in Iran and that the war in the country will end soon. The Iranian military, meanwhile, claims to have attacked several targets in Israel, including the headquarters of military intelligence and a naval base. We are following the evolution of the conflict here, minute by minute.
The ten days of war in the Middle East have already cost the European Union three billion euros, but the President of the Commission, Ursula Von der Leyen, reaffirms that in Europe no one mourns the death of the Iranian leader.
João Marques, mayor of Pedrógão Grande, says the municipality has an “estimate of 12 million and 800 thousand euros in losses,” but as the days go by, “new cases are being discovered.”
The President states that “if a rapid escalation of the conflict is avoided, the implications for energy markets may be limited,” explaining that European aid will depend on the “observed scenario.”
With the near-total closure of the Strait of Hormuz since March 1st, nearly 200 million barrels of oil from the Gulf have not entered the market. The fear of a prolonged war pushed oil prices to near 120 dollars this Monday at the opening of the Asian session. The G7 decided to intervene. Expresso spoke with Barry Eichengreen, Peter Cohan, Dan Steinbock, Pedro Amaral, João Queiroz, and Luis Mah.
The ECB has already warned that rising energy prices could create inflationary pressures in the eurozone.
Nuno Pais de Figueiredo, spokesperson for DECO PROteste, reminds that fuels are “the basis of practically everything”, so the rise in prices could affect the daily lives of the Portuguese: “it will be a cascade of events”, he believes.
The oil shock is taking shape, with Brent crude oil trading above $85, an 18% increase since the start of the war against Iran. A significant rise in fuel costs is expected next Monday, but another burden is emerging: the cost of fertilisers, which directly impacts agricultural production and livestock farming. After the oil crisis, a food crisis seems to be forming. Major fertiliser producers, many located in the Middle East, are affected by the closure of the Strait of Hormuz, controlled by Iran. Analysts warn that the price of imported food in Portugal and many European countries is set to soar. Portugal has had weak food sovereignty for decades, importing €5.1 billion in agricultural products last year, an 8% increase from 2024. The dependence on fertilisers is also significant, with imports rising to €342 million in 2025, an 8% increase from the previous year. The meat market is similarly affected, with Portugal importing €2.1 billion in meat last year, a 22% annual increase. Economists warn that European countries, especially those heavily reliant on agriculture, will be among the most affected globally if the conflict continues, leading to higher food prices and potential shortages.
Home Invest The 2030 World Cup Is Coming to Portugal. Here's What It Means for Property Investors The 2030 World Cup Is Coming to Portugal.
The BTL – Better Tourism Lisbon Travel Market concluded its 36th edition this year with a record 85,000 visitors, as announced by the organisation in a statement released on Monday, March 2. According to the note, BTL strengthened “its international positioning and its ability to attract more destinations, companies, and professionals from different markets.” In line with expectations, this year's edition, with around 85,000 visitors, “achieved the highest number ever, highlighting the strong engagement from the public and industry professionals.” On February 24, BTL's managing coordinator, Dália Palma, stated in a written response to Lusa that BTL, the largest tourism fair in Portugal, anticipated a record edition, estimating more visitors, greater economic impact, and increased internationalisation. In today's statement, the entity highlighted that this edition “generated a business volume of several million euros,” pointing to the “strong commercial component,” with “over 300 direct sales points in continuous operation, registering constant demand from visitors.” According to Dália Palma, “this was the largest edition of BTL ever, a milestone that reinforces the growing relevance of the event nationally and internationally.” She indicated that “this result also brings added responsibility for the next edition, in terms of continuing to elevate the quality of the offering, enhancing business opportunities, and exceeding the expectations of all participants.” The 2026 edition of BTL featured 1,700 exhibitors and 125 international destinations, marking a 20% growth in the international area. The fair occupied five pavilions - a first - and a total area of 60,000 m², recording “significant growth in key areas, such as Hospitality (+30%), services (+15%), and distribution (+10%).” The Hosted Buyers programme facilitated “over 3,800 business meetings between more than 200 international buyers from 42 source markets and over 500 participating companies,” they report. Next year, BTL will take place from March 3 to 7.
The President of CIMAC highlighted that the severe weather caused damage “to many infrastructures, particularly municipal ones, such as schools, roads, and health centres”, and that appropriate support has already been requested.
Inflation disproportionately affects low-income individuals, exacerbating poverty and social inequality.
Following the storms, insurers have already received 140,000 claims, with more arriving daily. Repairs and recovery for homes, as well as for businesses and shops, are already being paid and exceed 464 million euros.
Carlos Moedas stated that “more than 50%” of the provisional damages recorded are related to infrastructure, with also losses in school equipment.
The threat of removing tariff exemptions for important products for Portugal, such as cork and clothing, puts the country in a more difficult situation than its European partners.
The cost of Portugal's public debt (the interest rate in secondary markets) has remained stable and even slightly decreased since the onset of storms that have hit the country since January 28, despite significant economic and social destruction, particularly in the Central region. However, such events, along with wildfires, are expected to increase the long-term costs associated with debt, especially in more indebted countries like Portugal, complicating public finance management and necessary budget consolidation, warns a study from the European Central Bank (ECB) authored by five economists. The study highlights that climate-related disasters can raise debt costs and that climate change poses risks to public finances through various channels, including increased public spending for adaptation and mitigation measures. The authors also note that the cost of emergency assistance and post-disaster reconstruction can have a direct budgetary impact, while indirect effects may include reduced tax revenue due to production disruptions and additional spending on food and energy support programs due to changes in raw material prices. The study concludes that these mechanisms can interact with sovereign debt dynamics in complex ways, and even advanced economies are not immune to the effects of climate shocks. The report was published on the eve of the Portuguese government's approval of the general lines of the “PTRR - Portugal Transformation, Recovery and Resilience” plan in the Council of Ministers.
Home News AIMA delays harm the Portuguese economy AIMA delays harm the Portuguese economy Speaking to Público, economist José Roberto Afonso warned that delays in regularising immigrants and measures taken by other countries to attract them could reduce the rate of social security tax collection
