Sines, Portugal, Sept. 2, 2026 (Lusa) - The minister of the economy and territorial cohesion, Manuel Castro Almeida, argued on Wednesday that Portugal should aim for a per capita Gross Domestic Product (GDP) equal to the European average.
«Our ambition is to change the paradigm that has accustomed Portugal to low growth, so that the country can converge more quickly with Europe's most prosperous economies,» he said.
The minister was speaking during the ceremony to award the Digital Operating Licence for Repsol's two new plants in Sines, in the district of Setúbal, which are due to come into operation at the end of 2026, representing an investment of €820 million.
According to Castro Almeida, Portugal's social and economic situation «is going through a good phase», with GDP growth above the European average, employment at record highs, inflation under control, balanced public accounts and public debt falling.
«In Portugal, there has been no talk of a budget deficit for three years now, and I am convinced that this year, too, we will not be talking about a budget deficit,» he argued.
However, although the indicators are «moving in the right direction», the minister acknowledged that Portugal's per capita GDP «is still only 80% of the European Union average».
«We are heading in the right direction, but we are a long way from the target», which «can only be 100% of European GDP per capita. Reaching the European average must be the ambition of the Portuguese people», he said, adding that Portugal needs «ambition and organisation».
He also highlighted the growth in foreign direct investment in Portugal.
«The stock of foreign direct investment in Portugal rose from €181 billion at the start of 2023 to €225 billion in June this year,» he noted, citing data from the Bank of Portugal.
In the first half of this year, he added, «foreign direct investment transactions totalled €6.7 billion, of which €6 billion corresponded to investment in the capital of Portuguese entities».
For him, investments such as Repsol's Alba project are an example of the country's ability to attract and secure major industrial investments, combining industry, innovation and sustainability.
«This investment is expected to generate a total turnover of around €1.1 billion by 2029,» the minister emphasised, noting that this investment represents «a structural strengthening of Portugal's industrial, export and technological capacity».
Speaking to journalists, he noted that the granting of this licence «represents the realisation of a large-scale investment, confidence in the Portuguese economy and Portugal's ability to continue to attract and implement technologically advanced industrial projects».
For Repsol, the granting of the licence marks a decisive milestone in the project's development, with operations expected to commence in «late 2026».
«This investment strengthens our production capacity, incorporates more efficient technologies and consolidates Sines as a leading industrial hub in Europe,» said Salvador Ruiz, director of Repsol Polímeros, during the ceremony.
Recognised as a PIN (Potential National Interest) project, it involves the construction of two new industrial units dedicated to the production of polypropylene and linear low-density polyethylene, with a combined nominal capacity of 600,000 tonnes per year.
Production will be primarily destined for international markets, helping to strengthen the export capacity of Portuguese industry, the company explained.
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