The Minister of Economy and Territorial Cohesion, Manuel Castro Almeida, advocated that Portugal should aim for a Gross Domestic Product per capita equal to the European average. During the ceremony for the delivery of the Digital Exploration Title for the two new Repsol factories in Sines, in the district of Setúbal, the minister stated that Portugal's social and economic reality is going through a good phase, with GDP growth above the European average, employment at historic highs, controlled inflation, balanced public accounts, and public debt decreasing.
However, Manuel Castro Almeida acknowledged that Portugal's GDP per capita is still only 80% of the European Union average. We are heading in the right direction, but we are very far from the target, which can only be 100% of European GDP per capita, the minister stated, adding that Portugal needs ambition and organization to converge with Europe's most prosperous economies.
The minister also highlighted the growth in foreign direct investment in Portugal, which went from 181 billion euros at the beginning of 2023 to 225 billion euros in June of this year. In the first half of this year, foreign direct investment transactions reached 6.7 billion euros.
The two new Repsol factories in Sines represent an investment of 820 million euros and are expected to become operational at the end of 2026. The project, recognized as Potential National Interest, includes the construction of two industrial units for the production of polypropylene and linear low-density polyethylene, with a combined capacity of 600,000 tons per year. The production will mainly target international markets, helping to strengthen the export capacity of the national industry.
