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Renewable Energy: Portugal is solidifying its position as a European leader in renewable energy, making significant strides toward a greener future. In 2023, renewable sources accounted for 61% of the country’s electricity consumption, a remarkable achievement driven by favourable weather conditions, technological advancements, and heavy investments in wind, water, solar, and biomass energy.
Construction Industry: The Portuguese construction industry is expected to marginally decline by 0.6% in real terms in 2024, owing to high construction costs, coupled with declining building permits and exports. According to the National Statistics Institute (INE), the total number of building permits issued in the country declined by 8.8% year-on-year (YoY) in the first five months of 2024, following an annual decline of 5% in 2023.
Labour Market Dynamics: Employment growth in Portugal has gradually slowed, with a 1.3% year-on-year increase reported in Q3 2024. The unemployment rate edged down to 6.4% during the same period, indicating a relatively stable labour market.
European Commission Economy and Finance
These insights highlight the evolving landscape of Portugal’s labour market, emphasizing the need for adaptable workforce solutions to meet the demands of these dynamic industries.
Recent Developments in Portugal’s Labor Market
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