1. Portugal Experienced the Third Largest Growth in the Eurozone in the Third Quarter
In the third quarter of 2024, the Eurozone’s GDP grew by 0.4% compared to the previous quarter, with Portugal achieving the third highest growth rate of 1.9% year-on-year among available data. Despite this positive performance, Portugal’s growth was below the Eurozone average. Germany managed to avoid a recession with a slight 0.2% growth, while Ireland rebounded significantly from a contraction of 1% to a 2% increase in the same period.
France also saw growth, moving from 0.2% to 0.4%, aligning with the Eurozone’s overall trend. However, Latvia, Hungary, and Sweden fell into technical recessions due to consecutive quarters of GDP contraction. Spain, as Portugal’s largest trading partner, recorded a quarter-on-quarter increase of 0.8%, contributing to the Eurozone’s economic resilience.
Analysts expect cautious recovery in business activity and consumer confidence, driven by declining interest rates and easing inflation. The European statistical agency reported a 0.9% year-on-year increase in seasonally adjusted GDP for both the Eurozone and the EU, with Spain leading in annual growth at 3.4%. Meanwhile, Germany continues to experience declines, further affecting the overall Eurozone performance, as it recorded a 0.2% contraction.
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2. You Can Now Check if The Train is Delayed Without Going to The Station
CP has launched a new feature that provides real-time information about train status, allowing passengers to check if trains are on schedule, delayed, or canceled without needing to go to the station. This enhancement coincides with the company’s 168th anniversary and expands on previous capabilities, enabling users to access precise and continuous updates on the circulation status of all trains across the CP network, including Alfa Pendular, Intercidades, regional, and international services.
Passengers can immediately verify the status of each service and receive alerts for delays exceeding five minutes on long-distance trains and three minutes on urban trains. The real-time information is accessible through the CP website and app, where users can consult the “Next Trains” section to view expected stopping times at various stations. However, CP advises that while this feature is a significant advancement in railway mobility, passengers should always confirm boarding lines at the station due to the potential for unforeseen changes and technical constraints. The new functionality was developed internally by CP employees, highlighting the company’s commitment to improving the travel experience for its users.
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3. Web Summit Brings the After Summit to Time Out Market Lisboa
From November 11 to 14, Time Out Market Lisboa will welcome techies attending the Web Summit, the world’s largest technology and innovation convention, which expects over 70,000 participants and 900 speakers. While Parque das Nações will become a hub for networking and business ideas, Time Out Market will serve as the go-to spot for great food and drinks, featuring the best chefs and restaurants, where 66 nationalities gather to enjoy a diverse culinary experience.
During this period, the market will come alive with a unique atmosphere, including live music from Portuguese bands every night at 9 PM. To complement the dining experience, Time Out Bar will offer a special cocktail called Summit Sparkler, crafted with gin, bergamot, floral cordial, lemon, honey, and sparkling wine, priced at €10. Open daily from 10 AM to midnight, Time Out Market promises to be an exciting gathering place for attendees to relax and enjoy the best of the city’s cuisine.
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4. State Budget for 2025 Approved in General
The first budget of Prime Minister Luís Montenegro’s government, the 2025 State Budget, was approved in the Portuguese Parliament, with PSD and CDS voting in favor, PS abstaining, and other parties voting against. After more than ten hours of debate, this initial approval was reached, marking a new phase for the budget, with a detailed debate set to begin on November 22, culminating in a final global vote on November 29.
During the session, the government emphasized its commitment to “balanced accounts,” with Finance Minister Joaquim Miranda Sarmento stressing that while budgetary stimulus is constrained by the need to prepare for future economic shocks, the administration’s actions would reflect a “reformist” spirit. Despite promises of reducing the corporate tax (IRC) from 21% to 20% and lowering tax burdens, opposition parties like the Bloco and PCP expressed dissatisfaction, questioning the limited impact on companies paying IRC.
The Socialist Party (PS) maintained its stance of abstention, with its parliamentary leader Alexandra Leitão cautioning that they would not give “blank checks” in the next stage of discussions. In a final note, Pedro Nuno Santos of the PS highlighted ideological differences, stating that “this is not, and will never be, the PS’s budget,” while government officials warned against attempts to “undermine the budget’s objectives” in the upcoming specialty phase.
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5. Digital Art Festival Is Coming to Trafaria
The first edition of the Periphera festival, taking place from November 8 to 10, will explore the intersections between art and technology in Trafaria and at the Convento dos Capuchos. Organized by the Nova IAT Platform and the Municipality of Almada, the festival features exhibitions, performances, talks, and workshops, with free admission requiring prior registration. Despite Trafaria’s temporary lack of ferry connection to Lisbon until November 17, the festival promises an engaging experience for attendees.
The event has already begun for a group of nine national and international artists participating in a residency at the Presídio da Trafaria, focusing on art, technology, and community. During the festival, eight works created during this residency will be showcased alongside contributions from other confirmed artists, professors, researchers, and entrepreneurs. Workshops on musical creation, 3D printing of cultural heritage, and game design will allow participants to engage actively, while performances will occur at the Casino da Trafaria.
Where? Multiple locations in Trafaria.
When? November 8-10, starting at 10am.
How much? Free, depending on application.
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6. Majority of Portuguese Families Leave Savings Idle in Deposits
Portugal’s household savings rate reached 9.8% in the second quarter of 2024, a peak since late 2021, yet it remains below the Eurozone average of 15.3%. This fluctuating trend in savings reflects the impact of inflation and interest rates, with significant historical lows and highs recorded in recent years. Since the mid-1980s, various structural factors, including financial liberalization, access to credit, and optimistic future income expectations, have contributed to a decline in savings, with many families relying on the social security system as a safety net for retirement.
Despite a recent recovery, a 2023 financial literacy survey revealed that only 53.9% of respondents saved in the last year, a decline from previous years. The majority of savers (84%) kept their funds in current accounts or at home, practices that yield no interest, while only a minority invested in more lucrative options like time deposits or stocks. This lack of proactive financial management indicates a worrying trend, especially in an environment of low real interest rates, risking the erosion of savings’ real value over time.
To address these challenges, experts suggest enhancing financial literacy, introducing fiscal incentives for medium- and long-term savings, and promoting investment diversification. The recent uptick in the savings rate, while encouraging, signals the need for a more robust savings culture in Portugal, emphasizing the importance of informed financial decision-making and strategic planning for retirement to ensure families’ long-term economic resilience and the stability of the national economy.
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7. Castelo Branco Advocates Creativity as a Tool for Economic Development of the Territory
The second Ibero-American Forum of Creative Cities, which concluded in Castelo Branco, emphasized the role of creativity as an instrument for economic development and a driver of local progress. Hélder Henriques, the vice president of the Castelo Branco City Council, highlighted that “creativity should also generate value in the economy, employment, and progress” while preserving cultural heritage. The forum brought together a range of global experts to discuss these themes and the significance of creative cities.
The event in Castelo Branco comes on the heels of the city’s achievement in 2023, when it gained membership in the UNESCO Creative Cities Network in the category of Crafts and Folk Arts. Henriques noted that the city’s application was largely based on its renowned Albicastrense embroidery, which has “a set of very notable dimensions.” This cultural treasure is expected to receive further recognition, with the vice president expressing optimism that it will soon be listed in the national inventory of cultural heritage.
Henriques stated that the forum is vital for networking and sharing experiences, allowing participants to connect and exchange ideas about creative projects. In addition to Castelo Branco, several other Portuguese towns, such as Idanha-a-Nova, Leiria, Óbidos, and Caldas da Rainha, are recognized as part of the UNESCO Creative Cities initiative, reinforcing Portugal’s commitment to fostering creativity across its territories.
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8. Millennium BCP Aiming to Distribute Three Billion to Shareholders by 2028
BCP aims to distribute over three billion euros to shareholders by 2028, planning to increase the payout ratio from 30% to 50% of profits and allocate up to 25% for share buybacks. Miguel Maya, the bank’s manager, emphasizes the importance of satisfying shareholders after a decade of support, ensuring that all 150,000 shareholders benefit. The bank projects annual profits of one billion euros or more, targeting a total of four to 4.5 billion euros by the end of the strategic plan period.
Focusing on organic growth rather than acquisitions, BCP seeks to compete in the “Champions League” of profitability, aiming for a turnover near 200 billion euros and over eight million customers. The financial margin is expected to drive results, contributing significantly to profits despite a projected decline in interest rates. Maya asserts that BCP’s focus is on generating value for investors, positioning itself as a sought-after stock in investment portfolios.
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9. Around 200 People Marched for Mozambique in Lisbon
Around 200 people gathered in Lisbon to protest against violence and political oppression in Mozambique, marching from the Mozambican embassy to Praça do Comércio while chanting slogans and holding signs calling for “help” and “justice.” Protesters, led by young Mozambicans from the Quid Iuris project, expressed frustration over “many freedoms” being restricted, criticizing Frelimo’s long standing rule since 1975 and the newly elected President, Daniel Chapo. This demonstration aimed to raise international awareness and appeal for support from the Portuguese government.
The protest reflected rising tensions following the October 9 election, in which Chapo won with 70.67% of the vote, a result contested by Venâncio Mondlane, who came in second with 20.32%. Mondlane’s supporters, many of whom were present at the march, believe the election was unfair and accuse the ruling party of suppressing dissent. Back in Mozambique, the unrest has escalated, with supporters facing police brutality, including tear gas, while access to social media remains limited.
Organizers like Ernesto Damião and Gilana Sousa emphasized the march’s role in demonstrating “solidarity with our people” and urging Portuguese authorities to support Mozambicans in their struggle. They argue that “Portugal and Mozambique have strong foreign relations” and that Portugal could help foster a much-needed dialogue. Reflecting on the decades-long hardships and the worsening tensions, protesters called for an end to “tyranny” and expressed a desire for change amid what they described as “50 years of suffering.”
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10. Tyler Stone Helps Benfica Defeat FC Porto at Luz and Avenge Supercup
Benfica emerged victorious over FC Porto at Pavilhão da Luz (82-77), avenging their recent Supercup loss in a fiercely contested “Clássico.” After trailing through the first two quarters, Benfica tied the game in the third and clinched the win in the fourth, driven by a standout performance from Tyler Stone. This game brought together the two primary title contenders, and despite being early in the season, a win allowed either team to establish a slim initial lead over their rival. Both teams entered with perfect records from two rounds, alongside Oliveirense and Ovarense, though with differing results in recent European competitions: Benfica fell to Italy’s Derthona in the Champions League, while FC Porto triumphed over Hungary’s Szolnoki Olaj in the European Cup.
Benfica’s coach, Norberto Alves, emphasized before the game the need for offensive efficiency to secure a victory, contrasting with Porto’s coach, Fernando Sá, who highlighted the shared goal of winning, no matter the circumstances. After a tense start, Benfica took the lead for the first time through a three-pointer from Stone. Despite FC Porto regaining the advantage in the third quarter with three three-pointers in quick succession, Benfica pulled back, fueled by an impressive dunk and free throws by Eduardo Francisco, tying the game heading into the final period. Carrying the momentum from a strong close to the third quarter, Benfica surged forward in the fourth, seizing a hard-fought victory and extending their unbeaten run to three games, widening the gap between themselves and their main rivals.
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