FEW COUNTRIES HAVE BOUNCED BACK FROM THE FINANCIAL CRISIS AS ROBUSTLY AS PORTUGAL. IN 2012, THE IBERIAN NATION’S ECONOMY FELL BY 3.2 PERCENT WHILE ITS UNEMPLOYMENT RATE SOARED TO 18 PERCENT. BUT JUST SIX YEARS LATER, PORTUGAL IS TRACKING GROWTH OF 2.3 PERCENT AND JOBLESS FIGURES ARE DRAMATICALLY REDUCED. CONTRIBUTOR MATT PITT, HEAD OF RESEARCH AT WILBURY STRATTON.
Perhaps the clearest demonstration of the country’s return to economic health is its emergence as a European tech hub. Shared workspaces in towns and cities like Porto, Braga and Lisbon play host to both startups and global businesses such as Ericsson, Nokia and Bosch.
So what has driven Portugal’s reinvention as the tech firm’s destination of choice?
1. Quality of life
Almost all our sources mentioned the great quality of life offered by Portugal’s two largest cities. Regardless of whether the speaker was young, middle-aged or nearing retirement, all agreed that Porto and Lisbon are safe, clean, eye-catching and culturally vibrant.
2. Talent & Skills
We have already mentioned the tech talent flowing from the likes of the University of Porto or the Braga-based University of Minho. Our research suggests there is something in the region of 90,000 graduates emerging from the country’s top ten universities.
3. Salaries
You don’t have to be an economist to know that the more successful a city becomes, the higher its salary levels are likely to be.
4. Network
The research we have undertaken for our clients suggests that the Portuguese tech industry is strongly characterised by a culture of networking and mutual co-operation.
Source: HRD the HRDirector
