According to media reports, on February 28, Statistics Portugal officially released the 2017 national economic growth report: Portugal's annual Gross Domestic Product (GDP) in 2017 reached 193 billion euros, an increase of 2.7% compared to 2016, marking the highest growth rate since 2000. This figure exceeded most previous forecasts, including the 2.6% growth predicted by the government shortly before.
The report also pointed out that the tourism industry was a major factor in Portugal's economic growth in 2017. Most tourists came from abroad, totaling approximately 12.7 million visitors. In 2017, a total of 257,000 Chinese tourists visited Portugal, an increase of 74,000 compared to 2016, representing a growth rate of 40.7%, which is three times the growth rate of the same period in 2016. In addition, the number of overnight stays by Chinese tourists in Portugal reached 416,000, a year-on-year increase of 35.6%, which is an increase of approximately 110,000 compared to 2016.
Portugal has ushered in a "spring of economic growth." Property prices in Portugal have returned to levels seen before the economic crisis. A real estate research institution reported based on survey data that in 2017, property prices in Portugal and Ireland increased by 12.5% and 11.8% respectively. According to the latest data recently released by the Portuguese Association of Real Estate Developers and Agents, more than 80% of real estate transactions last year were successfully completed within six months of being listed, which also confirms the heat of the real estate market.
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