1. Portuguese Economic Growth Accelerates in 2025

The Portuguese economy is expected to accelerate in 2025, with a growth rate around 2%, driven by exports, consumption, and investment. Institutions such as the Ministry of Finance, Bank of Portugal, and IMF project growth between 2.1% and 2.4%. However, the external environment poses significant risks, particularly political crises in France and Germany, which could affect trade and economic stability in the Eurozone. The international uncertainty, including geopolitical risks and the trade policies of the U.S., particularly under Trump, also adds to the challenges facing Portugal’s economic trajectory.

Despite the external threats, economists remain optimistic, citing the Recovery and Resilience Plan (PRR) as a key driver of growth, especially if EU funding is used for productive investment. While there are favorable indicators in inflation, unemployment, and public accounts, the economy still faces structural weaknesses, such as low investment and productivity growth. The expected recovery continues to be slightly below Portugal’s potential, with export challenges and the international trade environment complicating efforts to meet growth targets, especially given the Eurozone’s expected slowdown.

Public finances show a slight surplus or deficit scenario, with the Ministry of Finance aiming to reduce public debt without compromising service quality. The projections for Portugal’s public debt show a declining trend, with estimates varying between 93.3% (Ministry of Finance) and 86.5% (Bank of Portugal). The government’s fiscal stance remains cautious, emphasizing the importance of stable economic growth, while global risks and internal factors like political instability in the EU countries are central concerns for the country’s economic outlook in 2025.

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2. Major Deals in 2025 That Could Give a New Boost to Portuguese M&A 

Portugal’s M&A market in 2025 is expected to experience “moderate optimism” after a disappointing year. While far from the transaction records of 2021-2022, key deals are set to dominate, especially in banking and aviation. The sale of TAP, already underway, is a major deal, with over 12 expressions of interest from national and international players. The government’s plan is to privatize TAP in 2025, and Air France-KLM has reaffirmed interest. In parallel, Novobanco’s early exit from its Contingent Capital Agreement (CCA) is opening doors for an IPO or sale, which is expected to be a focal point for M&A activity in the country.

Investment forecasts show global M&A activity could reach 4 trillion dollars in 2025, driven by a favorable environment of lower regulation and taxes. The biggest M&A drivers next year will be strategic growth and adding new business capabilities. Key sectors such as real estate, healthcare, infrastructure, and retail are expected to see continued activity, particularly in the hotel and retail markets. M&A is anticipated to be spurred by stable political conditions and growing alignment between buyers and sellers, with a focus on industries like renewable energy, technology, and defense.

The Portuguese government is also evaluating state-owned companies for potential privatization, including Caixa Geral de Depósitos, Águas de Portugal, RTP, and Companhia das Lezírias. However, state-owned firms like these are excluded from the current sale assessments. Additionally, other notable transactions in 2025 include the acquisition of Spanish company Cacesa by CTT for 104 million euros and Luz Saúde’s planned deal with C2 MedCapital for more healthcare units. These developments indicate that, despite a challenging global landscape, Portugal’s M&A market remains poised for growth.

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3. Price Hikes Will Continue in 2025: What Will Get More Expensive?

In 2025, rising prices will impact several sectors, from food to utilities. Dairy products like milk, cheese, butter, and cream will see price increases due to supply and demand dynamics. Bread will also rise, as producers face higher costs, with a 5% increase expected. Codfish prices will soar, driven by the ongoing effects of the war in Ukraine and reduced fishing quotas. Additionally, coffee prices will climb, influenced by climate conditions in Brazil and Vietnam, as well as new EU deforestation regulations.

Housing costs will also see a change, with rent increases of up to 2.16% allowed starting January 1st, though if rents haven’t been updated in three years, they could rise by as much as 11.1%. Toll prices will increase by 2.21%, with key routes like Lisbon-Porto and Lisbon-Algarve seeing notable hikes. Public transport fares will also go up, with occasional tickets rising by 2.02%, while monthly passes remain frozen. Telecommunication rates will increase for Meo users but stay the same for Nos customers.

Meanwhile, essential utilities will rise, with water and waste management costs up by as much as 11.4% depending on the provider. The price of electricity is expected to drop, with a 7% reduction for EDP customers. However, gas prices will continue to rise due to increased costs passed onto consumers. Medication prices for drugs under €16 will rise by 2.6%, continuing a trend to offset lower-cost medicine shortages.

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4. Parques de Sintra Plans to Invest 30 Million

Parques de Sintra expects to exceed 45 million euros in revenue in 2024, a 30% increase over 2023. As such, the company plans to invest 30 million in the natural and built heritage sites it manages, including the National Palaces of Pena and Sintra, Sintra’s UNESCO-listed monuments. Note that this is funded by ticket sales, stores, cafeterias, event rentals, as Parques de Sintra doesn’t rely on the state budget.

Between January and November 2024, Parques de Sintra increased its revenues by 29%, with a goal of reinvesting in heritage preservation. The new pricing structure, defined in 2024, came to include a 15% discount for advance ticket purchases with date reservation. This strategy helped manage visitor flow and reduce pressure at sites like the Palácio da Pena, limiting daily visitors to 5,100 across 17 time slots.

Additionally, residents of Portugal now benefit from free entry to monuments about 60 days per year. The digital transformation has optimized operations, boosting efficiency and new revenue sources. Over the last decade, Parques de Sintra has had 25 million visitors and invested 40 million euros in restoration and maintenance.

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5. Social Security Assures That it is Possible to Hire Immigrants, Even Without a NISS

Social Security clarified that companies can sign work contracts with immigrants even if they have not been assigned a Social Security Identification Number (NISS). The essential element for assigning a NISS to a foreign citizen is the work contract itself, and it is not necessary for the NISS to be included in the contract. Employers do not need to wait for the worker to have a NISS before finalizing the contract.

Once the NISS is assigned, employers must report the employment relationship through the Social Security Direct platform and regularize their contribution obligations, paying any overdue contributions. Regularizing the situation is crucial to ensuring access to social security rights and benefits, contributing to both worker protection and system sustainability.

This clarification addresses ongoing issues in Portugal regarding immigration and the labor market. With a shortage of domestic workers, companies have increasingly turned to immigrants, but confusion remains about documentation. Many immigrants had previously struggled with documentation due to the NISS requirement, which, without residence authorization, prevented the validity of work contracts.

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6. Lack of Regulation Prevents Bank of Portugal from Evaluating Crypto Asset Service Requests

The Bank of Portugal announced that it is no longer authorized to receive and assess applications for crypto asset services due to the absence of a national regulation to implement the MiCA Regulation. This regulation, which came into effect at the end of 2024, requires authorization from a designated authority for crypto asset services within the European Union. Without the national regulation, the Bank of Portugal is unable to act as the competent authority for granting these authorizations.

The Bank also warns that, until the national regulation is published, the competent authorities for the authorization and supervision of crypto asset service providers remain undefined, along with the application of the transitional regime. The lack of this regulation leaves critical aspects of the crypto assets framework unresolved.

However, entities already registered with the Bank of Portugal, and authorized to provide virtual asset services, can continue operations during the transitional period, as long as they comply with national laws. These entities are allowed to carry out their activities, but those who have not yet started are prohibited from doing so under the transitional regime. Only one entity currently falls into this category.

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7. What Will the New Ocean Campus Look Like?

The plan for the Campus do Mar involves the requalification of the riverfront between Pedrouços and Cruz Quebrada, passing through Algés and Dafundo, to create a vibrant area combining research, business, and public space. This ambitious project, first proposed in 2017, aims to transform a ghost land into a dynamic hub, with private and public investment totaling 300 million euros. The goal is to establish a new centrality for Greater Lisbon, including research centers, a marina, housing, and requalified public spaces. Architect João Pedro Falcão de Campos emphasizes that the design should avoid the construction of isolated buildings, instead creating a unified structure, with an internal avenue and a reconfigured coastal road for more pedestrian-friendly spaces.

The vision includes a blue economy hub, with proximity to the Champalimaud Foundation and a focus on neuroscience, AI, and climate change impacts. At the same time, the plan includes space for fishermen and business “unicorns of the sea”, which is in line with Lisbon’s goal of becoming a business center focused on the sea and blue economy. Despite challenges, including financial doubts and environmental concerns about flood risks, Falcão de Campos remains confident that the project will move forward. He envisions a balance between economic growth, sustainability, and ecological responsibility, respecting flood protection standards and creating permeable spaces.

Falcão de Campos warns against the area becoming just a tourist destination. He stresses the need for diverse uses and investments in public transport to ensure the space is not overloaded and remains sustainable. The proposed requalification includes a leveled land between the Algés and Jamor rivers, with a focus on creating spaces for living, working, and leisure. The project also aims to avoid overburdening the site and ensuring it retains its unique identity, balancing urban development and natural preservation.

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8. Coimbra Railway Station to Close After 160 Years

On January 12, the Coimbra-A railway station will close after 160 years, as confirmed by Metro Mondego. The station, which has been a key hub for nearly 50 daily trains traveling just three minutes along the Mondego river to Coimbra B, will cease operations as part of the transition to the Mondego Mobility System. This new system, which will connect the city center to the hospital and the Lousã branch to Serpins, will replace the current railway link, marking the end of an era for the riverside railway connection.

Despite efforts by advocates of the “new station,” including the Civic Movement for the New Station, the closure remains set for January 12. Luís Neto, head of the movement, criticized the lack of response from infrastructure ministers, as well as the decision not to take the matter to the plenary for debate in Parliament. While there was some discussion at the municipal level, no significant support materialized to prevent the closure, leaving only the transition to alternative transport solutions.

Metro Mondego confirmed that a free bus service will temporarily connect Coimbra’s two stations, ensuring smooth passenger transitions until the full launch of the metrobus system. This new system, offering more than 50 daily departures and a frequency of up to 12 buses per hour, is expected to start by the end of the year. Prime Minister António Costa has stated that the metrobus solution will better serve the region, with more frequent transport and a system that integrates smoothly into Coimbra’s urban fabric, linking the city to nearby municipalities.

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9. People Under 25 Will Pay Half Price at Specific Theaters in Lisbon and Porto

With the arrival of the new year, young people will have a 50% discount on tickets for performances at theaters in Lisbon and Porto. The age limit to benefit from the measure, which came into effect on Wednesday, January 1st, is 25 years.

The “Acesso Teatro 50%” measure includes the artistic programs of the National Theatre of São Carlos and the National Theatre D. Maria II, both of which, being closed for renovation, are presenting performances outside their venues in Lisbon and other parts of the country, as well as the Camões Theatre, home of the National Ballet Company (CNB). In Porto, the measure extends to the National Theatre São João.

Approved by the Council of Ministers in October 2024, the “Acesso Teatro 50%” measure aims to “stimulate and facilitate access to the programs and cultural goods of the State,” similar to the measure offering 52 days of free access to museums, monuments, and palaces, as stated in a press release from the Ministry of Culture.

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10. On Epiphany, We Will Hear Janeiras Songs in Downtown Lisbon

On Monday, January 6th, the streets and shops of Baixa and Chiado will once again be filled with music with the return of the traditional Janeiras songs. This event, promoted by the Baixa Pombalina Revitalization Association (ADBP), aims to celebrate Epiphany and will feature the Beira Serra Singing Group and the Original Bandalheira Band, who will perform traditional religious songs.

The musical procession will begin at 10:30 AM and continue until 6:00 PM. During this time, the participating groups will visit various shops that have joined the initiative, with performances that promise to liven up the local commerce. Additionally, there will be a symbolic reenactment of the arrival of the three wise men: Baltazar, Gaspar, and Belchior.

“We believe that initiatives like these are essential to give visibility to local commerce and strengthen its role in promoting culture and preserving Portuguese traditions,” said the president of ADBP, Manuel Lopes. “The Christmas season celebration in downtown Lisbon has already become a staple on the city’s festival calendar, and we are determined to innovate and bring even more ambitious proposals in the coming years,” he added in the same note.

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From January 1, 2025, travel to and from Lisbon for residents of 12 municipalities using public road transport will only cost 40 euros per month with the introduction of ‘M Oeste’ pass. With this new initiative, the western region of Portugal has become the first to implement intermunicipal travel by public bus for one set fee, a significant step forward for public transport reform. In total, around 365,000 people in the region are set to benefit from M Oeste.

Which Municipalities Will Benefit from These New Changes?

The pass, introduced by OesteCIM (Intermunicipal Community of the West), brings substantial changes to how residents navigate the region’s transportation network. Perhaps most notably, it enables travel by public bus for one set fee between all twelve municipalities in the West region: Alcobaça, Nazaré, Caldas da Rainha, Óbidos, Peniche, Bombarral, Lourinhã, Cadaval, Torres Vedras, Alenquer, Arruda dos Vinhos, and Sobral de Monte Agraço. Please note that train travel within these 12 municipalities is not included in the new pass. This represents a dramatic shift from the previous system, where monthly passes could cost up to 40 euros for intermunicipal travel and 30 euros for travel within individual municipalities. It is also a significant savings for families.

The reform extends beyond regional boundaries and significantly reduces the cost of commuting to Lisbon. The monthly pass for travel between the West region and the capital has now been standardized at 40 euros, matching the rate paid by residents of the Lisbon Metropolitan Area. The M Oeste also includes access to urban transport within Lisbon at no additional cost. The change reduces transportation costs for commuters by half, as many previously paid between 70 and 80 euros for similar services, depending on their municipality.

Which Residents Will Travel for Free?

To give you an idea of the dramatic chance in price, in 2019, just six years ago, the monthly road pass to Lisbon cost a jaw-dropping 183.15 euros. The reduction to 40 euros represents a remarkable 78% decrease in transportation costs in total. In addition, the initiative includes special provisions for certain demographic groups. Young people up to 23 years of age will continue to enjoy free interregional passes, and users over 65 will receive additional discounts, though the exact terms of these discounts are yet to be announced. It is also important to note that the pass is available to all residents of the twelve municipalities, as well as non-residents who work or study in the region.

To implement these changes, OesteCIM has secured an investment of more than 12 million euros, with 3 million specifically allocated to ensuring free transport within the region. This initiative will also receive substantial support from the Environmental Fund and the Ministry of the Environment through PART (Support Program for Tariff Reduction in Public Transport), which has been operating since 2019.

Pedro Folgado, president of the Intermunicipal Council, frames this initiative within a broader commitment to sustainability. “It is something that we are proud of, but it is only another step in the course outlined to put sustainability at the center of all our public policies,” he stated. The reform aligns with urgent decarbonization efforts and promotes social equity by making mobility more universally accessible.

How Will the New M Oeste Pass Be Implemented?

The implementation includes a transition period to ensure smooth adoption. Existing municipal and intermunicipal pass holders will see their passes automatically migrated to the new M Pass system. For inter-regional passes connecting to the Lisbon Metropolitan Area, current pass holders will receive tariff reductions while maintaining their existing conditions of use.

However, the initiative faces certain challenges. While the reform covers road transport, it notably excludes rail transport on the West Line. Additionally, the growing number of public transport users, particularly in road transport, has not been matched by a corresponding increase in service frequency and capacity.

The impact of this initiative extends beyond the West region, as the same 40-euro rate applies to travel with the regions of Leiria (through the Intermunicipal Community of the Region of Leiria) and Santarém (via the Intermunicipal Community of Lezíria do Tejo). This standardization of fares across regions represents a significant step toward more integrated regional mobility in Portugal.

This comprehensive reform of public transport pricing in Portugal’s West region represents a bold step toward more accessible and sustainable public transportation. By dramatically reducing costs and eliminating fares for intermunicipal travel, the initiative sets a precedent for other regions in Portugal and potentially beyond. As communities worldwide grapple with questions of sustainable mobility and social equity, the M Oeste pass offers an innovative model for consideration.

1. President of the European Council Speaks about the Destruction in the Baltic and Russia’s “Ghost Fleet”

António Costa, President of the European Council, condemned the “deliberate destruction” in the Baltic Sea following the cutting of an underwater cable between Finland and Estonia. Costa emphasized his intent to strengthen the European Union’s common response, particularly against Russia’s “ghost fleet,” a network of ships involved in circumventing sanctions by transporting Russian oil. In a post on the social media platform X, Costa expressed his firm stance on protecting critical infrastructure in Europe.

Costa stated that he had been in contact with Finnish Prime Minister Petteri Orpo and Estonian Prime Minister Kristen Michal to monitor the incident. He praised the swift actions of Finnish and Estonian authorities, as NATO pledged to increase its military presence in the Baltic. NATO’s Secretary-General Mark Rutte confirmed an investigation led by Finland into the potential sabotage of submarine cables, expressing full support for both Estonia and Finland in identifying those responsible.

The “Eagle S,” a tanker suspected of being part of Russia’s ghost fleet, was intercepted off the coast of Finland and linked to the cable damage. The ghost fleet is key to bypassing sanctions, as these tankers transport Russian oil, financing the country’s ongoing war in Ukraine. This incident follows other sabotage events in the Baltic, including the Nord Stream pipeline explosions in 2022, further escalating tensions between Russia and the West.

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2. Luxury Hotel, Shops and a Mini-Cinema: The Strategic Expansion of CCB

The Alves Ribeiro Group won the international competition to design the new “Quarteirão das Artes” (Arts Block) at the Centro Cultural de Belém (CCB), with completion expected by 2028. This expansion will add 20,000 square meters to the existing space, featuring a luxury hotel with 161 rooms and 126 tourist apartments. The design emphasizes a high-end atmosphere, with arts integrated throughout, including sculptures, video projections, and paintings in public spaces, creating an immersive cultural environment. The development will also maintain a connection to Portuguese literature, with authors’ phrases inscribed in the pavement, enhancing the arts-focused identity.

The commercial and services section will host exhibition spaces, ateliers, studios, and shops, offering a diverse mix of cultural and retail experiences. A 55-seat cinema will be a key feature, designed for small-scale screenings and events such as intimate meetings and corporate gatherings. This new multimedia space will provide a versatile venue for audiovisual experiences, further enriching the cultural landscape. Additionally, the commercial area will include restaurants and cafes, fostering a lively, dynamic environment for both visitors and locals.

The project is seen as a strategic initiative for the CCB Foundation, which will benefit from a long-term revenue source through the sublease of the land for 65 years. This new income stream aims to support and expand the CCB’s cultural offerings, increasing its financial sustainability. As part of this, the development will play a crucial role in enhancing the foundation’s ability to offer high-quality cultural events, while also contributing to the ongoing revitalization of Belém’s cultural and commercial ecosystem.

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3. Largest M&A Deals of National Companies in 2024

The market for mergers and acquisitions (M&A) in Portugal ended 2024 on a disappointing note, with a 33% drop in transaction volume, the lowest since 2016. The year recorded only 584 M&A operations, a 21% decrease compared to 2023, marking the worst performance since 2020, largely due to the pandemic. Note that the drop contrasts with global growth, with the global market set to reach $3.5 trillion, a 15% increase from 2023. Despite this, several significant deals stood out, especially in the energy sector, such as the sale of EDP’s assets in Brazil for €482 million.

Among the largest deals, the purchase of FairJourney Biologics by Partners Group for €900 million stands out as the biggest transaction of the year. The energy sector continued its dominance, with KKR’s €453 million acquisition of Greenvolt, followed by the sale of wind assets in Canada by EDP Renováveis for €413 million. Other deals worth considering include the acquisition of Cimpor by Taiwan Cement Corporation for €480 million and the strategic partnership in biofuels between Galp Energia and Mitsui, valued at €400 million.

Additionally, Abanca’s purchase of Eurobic for €300 million made a significant impact, consolidating its position as the seventh-largest bank in Portugal. Despite the market’s contraction, these deals demonstrate the continued investment interest in key sectors, particularly in energy, biopharmaceuticals, and infrastructure, amid a globally more dynamic M&A landscape.

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4. Portuguese Companies Experience Relief in IRC for the First Time in 10 Years

In 2025, Portuguese companies will experience a long-awaited tax relief, as the corporate income tax (IRC) rate is set to decrease by one percentage point from 21% to 20%. This reduction, part of the 2025 State Budget proposal (OE2025), follows years of negotiations, with the opposition agreeing after initially opposing such broad cuts. The IRC rate reduction, which applies to taxable profits, will be reflected in the 2026 tax settlement. Additionally, the tax rate on the first 50,000 euros of taxable profits for micro, small, and medium-sized businesses will drop from 17% to 16%, and autonomous taxation on vehicles will decrease by half a point.

The changes to vehicle taxation will see companies paying less on the acquisition of cars, motorcycles, and commercial vehicles, with rates adjusted across several price brackets. For example, vehicles costing up to 37,500 euros will be taxed at 8% (down from 8.5%), while those over 45,000 euros will see a decrease from 32.5% to 32%. This new structure will bring significant savings, with a car priced at 34,999 euros potentially saving 7,000 euros in taxes. The 2025 budget also ensures that fully electric vehicles continue to face a 10% autonomous tax rate.

Incentives for business capitalization and salary increases are also central to the budget. Companies can now deduct 200% of salary increases, up from 150%, up to a limit of 4,350 euros, provided they increase wages by at least 4.7% without widening the wage gap. In addition, the fiscal regime for capitalizing businesses will be more favorable, with the deduction for capital contributions now increasing by 50%, and a new benefit allows individuals to deduct up to 20% of cash contributions made to companies from the gross profits. These changes reflect a broader effort to support businesses while encouraging investment and wage growth.

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5. Pâtisserie BomBom – A New Spot in Campolide

Pâtisserie BomBom, located in Campolide, is the dream venture of Sandra Castro and Pedro Oliveira, who moved to Portugal from France about three years ago. Aiming for a French-style pâtisserie, they opened this contemporary, colorful space after finding the perfect location while visiting their children at the French Lycée. With a background in university work and startups, they partnered with Brazilian pastry chef Juliette Bayen, whose expertise includes training in France at École Ducasse. Together, they created a space that’s both inviting and cosmopolitan, offering traditional French pastries with a fresh, modern twist.

The pâtisserie offers a range of fine pastries, including delicate choux, croissants, pains au chocolat, and beautifully crafted tarts. The menu features seasonal creations, such as orange choux, with plans for future spring additions like fraisier, a classic French dessert. Sandra and Pedro emphasize that the focus is on quality and authenticity, ensuring that everything is made by hand with fresh ingredients. Juliette Bayen, with her meticulous approach, guarantees the excellence of every pastry, from the buttery croissants to the artisan tarts. The pâtisserie also serves a selection of lunch options like tartines, croque monsieur, and sandwiches, blending French, Portuguese, and Brazilian influences.

Since opening, BomBom has become a neighborhood hub, with a community vibe that extends beyond just French expats. Pedro and Sandra envisioned a space that feels like a true Parisian pâtisserie, but welcoming to everyone. In addition to its pastries, the shop offers seasonal menu items and plans to introduce a Saturday brunch. With a growing local following, they’re already excited for the future, with the added touch of a Parisian-style terrace for when the weather warms up. Their journey is a success story of passion, quality, and community spirit.

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6. Marvila Celebrates Epiphany Again, with Liters of Beer and Lots of Music

On January 11, Marvila will once again host Ouro, Incenso, e Birra, a lively celebration of the Dia de Reis. The event, organized by the Lisbon Beer Department—Musa, Dois Corvos, and Fermentage—promises over ten hours of music with free concerts from popular Portuguese bands like Glockenwise, Surma, Sunflowers, and Yakuza, along with performances from Bad Tomato, Al-Qasar, and others. The event will also feature DJ sets from Benjamin, O Baile Todo, and more, continuing until 3:00 AM.

This year, food offerings will include Kau Barbecue and Raiders pop-up stalls, while a special Winter Ale beer brewed by the three breweries will be available. All proceeds from the sale of cups will benefit Porta Amiga, an organization that supports people in difficulty or isolation in the Marvila neighborhood. The event blends music, food, and community support, marking a festive and socially responsible celebration of the Dia de Reis in Lisbon.

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7. CP and Carris to Strengthen Services on New Year’s Eve

On the night of January 1, 2025, additional train and bus services in Lisbon will be implemented for the New Year celebrations. CP – Comboios Urbanos will operate special trains from Rossio to Sintra at 1:30 AM, 2:00 AM, 2:30 AM, 3:00 AM, 4:00 AM, and 5:00 AM, with additional trains running from Cais do Sodré to Cascais at 2:00 AM, 3:00 AM, and 4:00 AM. Bus services will be increased in the early hours of January 1, with Carris reinforcing its “Rede da Madrugada” network starting at midnight. However, some routes will operate with modified schedules on New Year’s Eve and Day, including the suspension of certain lines and service reductions during the morning of January 1.

Carris Metropolitana will also implement schedule changes, with interruptions and service reductions across its four operational areas. For example, service in Area 1 (Amadora, Cascais, Lisbon, Oeiras, and Sintra) can be checked on the official app, and in Area 2 (Loures, Mafra, Odivelas, and Vila Franca de Xira), service will be interrupted at 10:00 PM on December 31 and resume at 7:00 AM on January 1. Metro de Lisboa has not announced any changes to its schedule yet, though it is expected to provide more information soon. In previous years, the Metro has not extended its operating hours on New Year’s Eve, with trains running until 1:00 AM and resuming at 6:30 AM.

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8. Lisbon City Hall Strengthens Waste Collection Circuits to Mitigate Strike Effects

Lisbon City Hall has mobilized approximately 70 workers to perform 24 waste collection services this Sunday in response to the ongoing strike, exceeding the planned eight services. Pedro Moutinho, director of urban hygiene, emphasized that the extra teams on the streets are helping alleviate waste accumulation in certain areas due to the strike. Waste collection is typically limited to exceptional services on Sundays, and today’s tasks included support for markets and areas with heavy waste loads.

The urban hygiene workers have been on strike since Wednesday, with a full strike on Thursday and Friday, protesting overtime work. Moutinho clarified that the strike participation was below 50%, and during the night, the minimum services exceeded expectations with 64 circuits operating instead of the planned 46. Despite this, waste continues to accumulate, but services are working hard alongside local councils and residents to reduce the city’s litter.

The strike, organized by the STAL and STML unions, stems from a lack of response from the City Hall to issues within the sector, particularly regarding an agreement signed in 2023. The impact of the strike is expected to persist until January 3, with normal services resuming by January 4. The unions have also planned strikes for New Year’s Eve and into January 2, affecting regular and overtime work.

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9. Health Ministry Fails to Meet Deadlines for the Emergency Plan

The Health Ministry’s emergency plan has failed to meet several deadlines, with five urgent measures and 16 priority measures not completed as of August. Among the delayed measures, Axis 1 failed to implement a new clinical priority for cancer patients and enhance access to specialized consultations, while Axis 2 left two critical measures unfinished, including the establishment of referred gynecology care and expanded pediatric services. The working group also identified a lack of progress in strengthening agreements with the private and social sectors, describing the timeline as overly ambitious.

In Axis 3, aimed at improving urgent and emergency care, one urgent measure and three priority measures remain incomplete. This includes the requalification of emergency service spaces, freeing up occupied hospital beds, and establishing teleconsultations for less complex emergencies. The report acknowledges that the requalification measure is “not feasible in three months” and suggests reconsidering its classification, emphasizing the need for a more realistic timeline. Similarly, Axis 4, focused on primary and family health care, has failed to meet its urgent measures, with key initiatives like assigning family doctors to waiting patients and expanding public-private partnerships still in progress.

Axis 5, dedicated to mental health, has also fallen short, with one urgent measure and four priority measures not completed by the end of the year. These include the creation of community mental health teams and the development of structured programs for anxiety and depression. The working group underscores the urgency of these measures in addressing systemic gaps, such as the shortage of resources in primary care, the overreliance on hospital admissions, and the lack of intervention programs. The overall health transformation plan, approved in May, includes 54 measures, yet many remain unmet or behind schedule, leaving the system in need of significant reform.

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10. INEM Reached 1.5 Million Calls Answered

The National Institute of Medical Emergency (INEM) reached 1.5 million calls answered at the Urgent Patient Orientation Centers (CODU) as of this Sunday, a figure consistent with the data from the past two years. In 2024, the CODU answered 4,120 calls per day, or about 171 calls per hour. These calls include those made via 112 for assistance to accident or sudden illness victims, triage requests from the Integrated Medical Emergency System (SIEM), and calls transferred from the SNS24 line.

INEM emphasizes the importance of appropriately using emergency services and calls for cooperation from callers. Calls made to the European Emergency Number, 112, are first answered by the 112 Operational Centers, managed by the Security Forces, and are then forwarded to CODU for health-related situations. The CODU operates 24/7, staffed with professionals including emergency technicians, doctors, nurses, and psychologists to assess the necessary resources for each case.

INEM urges citizens to provide precise information, such as location, phone number, and type of situation, to ensure effective assistance. The institute stresses that emergency medical services should be used only in life-threatening situations. If an ambulance is not needed, calls are forwarded to SNS24 for proper advice. Despite facing challenges in 2024, INEM overcame them with the dedication of its professionals, partners, and the continued trust from citizens.

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1. World Cup 2030 Will Generate Nearly €400 Million in Tax Revenue for Portugal

The 2030 FIFA World Cup, hosted by Portugal, Spain, and Morocco, is expected to generate significant economic benefits for Portugal, with tax revenue reaching nearly €400 million. This will come from consumption, production, and wages related to the event. The World Cup is forecasted to attract between 300,000 and 500,000 international visitors, resulting in a direct expenditure of between €500 million and €660 million in key sectors like accommodation, transport, and leisure. The economic dynamism from the event is estimated to add up to €730 million in local economic spending.

The event’s impact will also be felt in Portugal’s labor market, with 18,000 to 23,000 jobs expected to be created, generating approximately €330 million in wages. Additionally, the World Cup will promote labor diversity, with over 11,000 female jobs and up to 1,500 opportunities for young people under 24. These employment opportunities will positively influence the nation’s GDP, which is projected to increase by between €700 million and €900 million, contributing to a 0.27-0.34% rise in Portugal’s 2023 GDP.

Beyond the immediate economic benefits, the World Cup will provide intangible advantages in terms of social cohesion and national pride, with an estimated €81 million to €88 million in perceived well-being. Investments in sports infrastructure will yield a return of approximately €8.5 per euro spent. Furthermore, hosting the event will elevate Portugal’s global reputation, open new trade and international relations opportunities, and attract foreign direct investment (FDI) of between €104 million and €313 million, leaving a lasting socio-economic legacy.

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2. IMT Bans Women-Only TVDE Platform for Being Discriminatory

The Institute for Mobility and Transport (IMT) has ordered the cessation of activities for Pinker, a women-only TVDE platform, due to non-compliance with Article 7 of Law No. 45/2018, which mandates equal access to TVDE services without discrimination based on factors such as gender. The platform, which only accepted female drivers and was for women users, failed to meet the legal requirements for non-discrimination. After reviewing Pinker’s clarifications, the IMT confirmed that it would proceed with suspending the platform’s operations.

Despite the ban, Pinker’s founder, Mónica Faneco, argued that the platform did not discriminate but instead practiced positive discrimination, emphasizing her commitment to defending women’s rights. Faneco also expressed plans to expand the platform to other European markets, including Spain and Italy, and launched a petition advocating for the creation of women-only businesses as a means to promote gender equality and provide inclusive workspaces.

The petition, which has garnered significant support, calls for the Assembly of the Republic to study the legal and economic feasibility of encouraging women-only businesses in Portugal. It seeks fiscal and financial incentives for female entrepreneurship, particularly for women facing economic or social vulnerability. The initiative also points to the positive impact of similar efforts in other countries, such as increased female workforce participation and improved labor conditions.

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3. Families Facing Financial Troubles Increase, and Many Are Turning to Credit to Pay Rent

The rising cost of living has outpaced income growth, leading to a significant increase in the number of families facing financial difficulties. Many people are turning to credit to pay both rent and mortgage installments, as the high cost of housing and other essential expenses, such as groceries and utilities, strain household budgets. Natália Nunes, coordinator of Deco’s Financial Protection Office, emphasized that while taking on credit can be risky, it is often the only option for families struggling to keep up with their financial obligations.

Nunes pointed out that families renting homes with fixed-term contracts are especially affected, as they are confronted with higher rent prices when seeking new properties. The only way some can afford deposits and first-month payments is by resorting to credit, leading to higher debt. Despite a drop in interest rates, mortgage payments remain high, and overall living expenses have significantly increased, exacerbating the financial pressure on families.

Unlike the crisis of 2008 and 2012, today’s financial struggles are not caused by unemployment or wage cuts but by soaring costs that far exceed income growth. More than 75% of the families seeking help from Deco in 2024 are employed, yet they still face mounting difficulties in meeting essential expenses. Nunes concluded that, for lower-income families, surviving and covering basic needs has become increasingly challenging, though some lessons from previous crises have allowed families and financial institutions to better prepare for these tough times.

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4. Airport Workers on a 5-Day Strike

Workers from SPdH/Menzies (formerly Groundforce) began a strike on Sunday that will last until midnight on December 26, demanding better pay and working conditions. The strike, which began at midnight, is being carried out in two-hour shifts during the start and/or end of work shifts, according to the strike notice issued by the Metalworking and Allied Industries Union (SIMA).

The workers, who provide ground assistance (handling) at airports, are protesting the company’s failure to address demands related to salary issues and working conditions. These issues include a lack of transportation for workers during certain hours when shifts begin and end, as well as the requirement for workers to pay for parking when they drive their own cars.

SIMA is also calling for Menzies to eliminate wages below the national minimum wage (820 euros in 2024) and to comply with the payment of night hours as stipulated in the company agreement. In addition to workers from the former Groundforce, workers from the handling company Portway have also scheduled a strike during the Christmas and New Year period. The strike planned by the unions covers all overtime work, starting at midnight on December 24, 2024, until midnight on January 1, 2025, and will also take place from midnight to midnight on December 24 and December 31, 2024. Note that the strike will also include work on public holidays that are normal working days, from December 24 until January 2, 2025.

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5. Arrow Group Purchases Five-Star Hotel in Vilamoura

The British Arrow Group is strengthening its investment in Vilamoura with the acquisition of the five-star Anantara Vilamoura Algarve Resort from the Thai group Minor, according to the announcement of the operation published by the Competition Authority. The transaction involves the purchase by Vilamoura World Holdings, S.A. (“VWH”) of exclusive control over Minor Luxury Hotels Vilamoura, S.A. (“Minor Vilamoura”), as stated in the notice.

VWH is a Portuguese company that is part of the British Arrow Group, which has operations in Portugal in the management of non-performing loans (through Whitestar) and in the real estate sector (Norfin). Minor Vilamoura owns and operates the five-star hotel in the Algarve region, located in Vilamoura, under the Anantara Hotels & Resorts brand. The value of the transaction was not disclosed. However, in 2021, Arrow acquired the Vilamoura Project, including the marina and part of the development, from Lone Star, owner of Novobanco, for around 100 million euros.

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6. Cryptocurrency Pyramid Scheme Defrauds Hundreds in Portugal

In 2018, a man and woman created a pyramid business model using cryptocurrency investments to lure victims. Hundreds of people were defrauded. The Public Prosecutor’s Office, through the Central Department of Investigation and Criminal Action (DCIAP), has charged the couple for running a scheme that used cryptocurrency investments to deceive victims, causing losses of over 2.1 million euros, according to the Jornal de Notícias.

The product, called Optionsknight, created by the accused, is currently flagged with a red alert by the Bank of Portugal. It was advertised on social media and during public presentations in Aveiras de Cima, Coimbra, and Alenquer. According to the charges, victims were recruited to join a network in which they would be at the center, and other investors would join based on their referrals. Subsequently, the funds deposited in accounts registered with Portuguese payment institutions were redirected to accounts owned by the accused couple on cryptocurrency trading platforms (exchanges). Payments made to investors were funded by new investments from incoming participants, generating what is known as a Ponzi or pyramid scheme.

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7. Portugal to Have the First “Olfactory Route” in the World

Portugal will launch the first “Olfactory Route”, a project designed to engage the senses and connect visitors with local traditions through four paths: botanical, gastronomic, literary, and social. This initiative celebrates Portugal’s cultural, natural, and community richness, offering a deep and unforgettable way to explore the country by smell. The “Portugal by Nose” project, created by Cláudia Camacho and experts in botany, gastronomy, and literature, will be presented at the BTL 2025.

The botanical route will introduce participants to native flora and edible plants, guided by local experts. The gastronomic path will connect producers, chefs, and farmers, promoting seasonality and collaboration. The literary route will highlight the relationship between literature and landscape, offering scenic tours inspired by local writers. The social route aims to preserve local knowledge and traditions, collecting oral testimonies and old recipes from elders.

Note that Portugal is the first country to develop such a route, a sensory and mnemonic journey where smell plays a central role in creating lasting memories. As 35% of memories are anchored in scents, this route will allow travelers to rediscover Portugal in a profound, unique way, celebrating its heritage.

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8. New Portuguese Short Film Festival Focuses on Young Creators

The Future World Film Festival is a new international festival dedicated to short and micro short films, providing young creators, from 12 to 17 years old, with the opportunity to showcase their talents. The festival invites submissions of films, ranging from 2 to 20 minutes, created using digital tools like smartphones. Winners across several categories, including Best Short Film and Best Documentary Short, will be announced at a ceremony on June 17, at the Cinema São Jorge.

This initiative was conceived by Tehani Nguyen, a 16-year-old French student living in Lisbon, who aims to offer her generation a platform to express their creativity. Tehani, already experienced in various artistic domains, including assisting in the short film Telepørter and working with prestigious institutions, is driven to create opportunities for young filmmakers.

The festival will be judged by a distinguished jury, including well-known names like actresses Daniela Ruah and Beatriz Batarda, and producers from Game of Thrones and Breaking Bad. Tickets for the awards ceremony cost €5, with free entry for attendees under 18. FilmFreeway hosts the platform for submissions, encouraging youth engagement in the film industry.

Where? Cinema São Jorge. Avenida da Liberdade, 175.

When? June 17, 2025. How much? 5 euros (free for <18).

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9. Lisbon Metro Closes Earlier on Christmas Eve and Reopens Later

Lisbon Metro will close earlier on Christmas Eve, at 10:00 PM, resuming service at 8:00 AM on Christmas Day. This schedule adjustment reflects the significant decrease in demand during these holidays, similar to previous years. Customer service will be closed on December 24, except for a few key stations, where urgent card requests can be processed.

In 2025, prices for monthly and 30-day Navegante passes will remain unchanged. However, occasional ticket prices will increase starting January 1. The price for a Carris/Metro ticket will rise to €1.85, while Zapping fares will go up to €1.66. Daily ticket prices will also increase for Carris/Metro and other services.

The changes in operational hours on Christmas and fare adjustments in 2025 highlight the Lisbon Metro’s response to demand fluctuations and the ongoing pricing updates for occasional tickets.

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10. Luxury Real Estate: Lisbon Ahead of London or Milan in 2025 Forecasts

Lisbon stands ahead of London and Milan in luxury real estate forecasts for 2025, with a predicted growth of 4.5%. The Southern Europe “post-pandemic oasis” attracts investors seeking hybrid work, sunny climates, and top international schools. According to Knight Frank, the region is thriving due to high-quality lifestyle, transparent markets, and accessibility, filling all post-pandemic investor needs.

Portugal’s real estate market is part of a broader European trend, with the luxury sector benefiting from economic resilience. Lisbon’s growth is propelled by these factors, while other cities like Milan, with a predicted 3.5% increase, are also seeing increased demand. The southern European markets are expected to outperform many eurozone economies, making Lisbon a prime destination.

Despite slow economic growth in Europe, challenges like political instability in France and Germany don’t significantly impact the sector. Lisbon and other cities like Stockholm, Marbella, and Madrid continue to attract global wealth, with luxury residential markets flourishing and meeting post-pandemic demands.

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