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Economy[edit]

[edit]

Avenida da Liberdade is one of the most expensive shopping streets in Europe and famous as a popular destination for luxury goods shopping.

Lisbon is the home of Web Summit, the largest tech event in the world. Historically, Lisbon's economy has been based on the fishing industry.[1] The Port of Lisbon is one of the busiest ports in Europe.[76]

The Lisbon region is the wealthiest region in Portugal and it is well above the European Union's GDP per capita average – it produces 45% of the Portuguese GDP. Lisbon's economy is based primarily on the tertiary sector. Most of the headquarters of multinationals operating in Portugal are concentrated in the Grande Lisboa Subregion, specially in the Oeiras municipality. The Lisbon Metropolitan Area is heavily industrialized, especially the south bank of the Tagus river (Rio Tejo).

The Lisbon region is rapidly growing, with GDP (PPP) per capita calculated for each year as follows: €22,745 (2004)[77] – €23,816 (2005)[78] – €25,200 (2006)[79] – €26,100 (2007).[80] In 2014, The Lisbon metropolitan area had a GDP amounting to $96.3 billion, and $32,434 per capita.[81] Between 2014 and 2016, Lisbon saw a 1.6% GDP growth rate.[2] In the nation, Lisbon is the greatest contributor to the national GDP(36.9%) and reports the highest average levels of income per capita.[3] In 2018, public investment served as 2.1% (€4.187 billion) of GDP.[4]

In 2016, Lisbon became the permanent host city of the Web Summit, the world's largest tech conference.

The country's chief seaport, featuring one of the largest and most sophisticated regional markets on the Iberian Peninsula, Lisbon and its heavily populated surroundings are also developing as an important financial centre and a dynamic technological hub. Between 2005 and 2014, Port of Lisbon has accounted for approximately 15% of total throughput in the Portuguese port system.[5] Automobile manufacturers have erected factories in the suburbs, for example, AutoEuropa.

Lisbon has the largest and most developed mass media sector of Portugal, and is home to several related companies ranging from leading television networks and radio stations to major newspapers.

The Euronext Lisbon stock exchange, part of the pan-European Euronext system together with the stock exchanges of Amsterdam, Brussels and Paris, is tied with the New York Stock Exchange since 2007, forming the multinational NYSE Euronext group of stock exchanges. Lisbon

Lisbonite industry has very large sectors in oil, as refineries are found just across the Tagus, textile mills, shipyards and fishing. Lisbon's male unemployment rate has significantly decreased between March 2013 (20.9%) and September 2018 (6.6%).[6]

Lisbon has a growing presence in the creative sector and 30% of the creative work of the country is concentrated in the Greater Lisbon.[7] Lisbon is on it's way to becoming a smart city.[8]

Before Portugal's sovereign debt crisis and an EU-IMF rescue plan, for the decade of 2010 Lisbon was expecting to receive many state funded investments, including building a new airport, a new bridge, an expansion of 30 km (18.64 mi) underground, the construction of a mega-hospital (or central hospital), the creation of two lines of a TGV to join Madrid, Porto, Vigo and the rest of Europe, the restoration of the main part of the town (between the Marquês de Pombal roundabout and Terreiro do Paço), the creation of a large number of bike lanes, as well as modernization and renovation of various facilities.[82]

According to a quality of life survey by Monacle, Lisbon ranked 12th of the top 25 cities listed.[9] 18th most "livable city" in the world in 2015 according to lifestyle magazine Monocle.[83]

Tourism

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Pink Street

Lisbon receives 4.5 million tourists per year averaging the tourist/resident ratio to 9 tourists per 1 resident[10][11]Tourism gentrification has led to greater development and economic stimulation in neighborhoods of Lisbon such as Bairro Alto.[12] Lisbon has seen an increase of guesthouse units from 100 in 2010 to over 10,000 units in 2018.[13] Areas like Rua Nova de Carvalho or 'Pink Street' have experienced rebranding that cater to tourist oriented, after-dark entertainment.[14] Avenida da Liberdade is an internationally well known boulevard of luxury goods and services.[15]

Music festivals like Mexefest in Lisbon is considered to be one of Europe's most influential festivals that has shaped community and generated integration of different peoples.[16] Nos Alive is another arts and music festival that stimulates the economy of Lisbon and draws crowds from abroad.[17]

Economic development can be seen in low cost airline carrier development. This is evident by a 75% cumulative growth from 17 million passengers in 2002 to more than 30 million in 2012.[18] Lisbon Portela Airport(LIS) serves to connect Europe with Brazil, Africa and abroad and is Portugal's largest airport in terms of traffic.[19]

The expanding tourism sector has brought in international investment. Hyatt Regency Lisboa will be investing €70 million on a new residential and hotel accommodation structure located in Belém. It is expected to be operational in 2020.[20]

  1. ^ "Lisbon | national capital, Portugal". Encyclopedia Britannica. Retrieved 2019-06-05.
  2. ^ Bouchet,, Liu, Parilla, Kabbani, Max, Sifan, Joseph, Nader (2018). "Global Metro Monitor 2018" (PDF). Brookings.{{cite web}}: CS1 maint: multiple names: authors list (link)
  3. ^ nferreat (2016-03-07). "Lisbon Metropolitan region". ec.europa.eu. Retrieved 2019-06-05.
  4. ^ "Portugal's economy - an express train at risk of derailing". Reuters. 2019-02-15. Retrieved 2019-06-05.
  5. ^ Santos, Adriano M. P.; Salvador, Regina; Dias, João C. Quaresma; Soares, Carlos Guedes (2018-07-04). "Assessment of port economic impacts on regional economy with a case study on the Port of Lisbon". Maritime Policy & Management. 45 (5): 684–698. doi:10.1080/03088839.2018.1471536. ISSN 0308-8839. S2CID 158776084.
  6. ^ "Portugal Unemployment Rate: Male: Lisbon". Retrieved 5 June 2019.
  7. ^ Oliveira, Janaina Mendes; Laranja, Manuel; Lahorgue, Maria Alice; Born, Henrique Figueiredo (2016-04-15). "Cross Innovation approach and the creative industries: a case study in the city of Lisbon, Portugal". International Journal of Innovation. 4 (1): 01–12. doi:10.5585/iji.v4i1.68. ISSN 2318-9975.
  8. ^ Lopes, Soraia Prazeres (2018-06-18). "Lisbon smart cities : perception and reality". {{cite journal}}: Cite journal requires |journal= (help)
  9. ^ Bishop, Jordan. "Munich Named The Most Livable City In The World". Forbes. Retrieved 2019-06-12.
  10. ^ Minder, Raphael (2018-05-23). "Lisbon Is Thriving. But at What Price for Those Who Live There?". The New York Times. ISSN 0362-4331. Retrieved 2019-06-05.
  11. ^ PÚBLICO. "Lisboa e Porto têm mais turistas por residente do que Londres e Barcelona". PÚBLICO (in Portuguese). Retrieved 2019-06-05.
  12. ^ Gravari-Barbas, Maria; Guinand, Sandra, eds. (2017-06-14). Tourism and Gentrification in Contemporary Metropolises. Routledge. doi:10.4324/9781315629759. ISBN 9781315629759.
  13. ^ Ferreira, João-Pedro; Ramos, Pedro N; Lahr, Michael L (2019-03-29). "The rise of the sharing economy: Guesthouse boom and the crowding-out effects of tourism in Lisbon". Tourism Economics. 26 (3): 389–403. doi:10.1177/1354816619839849. ISSN 1354-8166. S2CID 159074822.
  14. ^ Nofre, Jordi; Martins, João C.; Vaz, Domingos; Fina, Rosa; Sequera, Jorge; Vale, Patricia (2018-03-09). "The 'Pink Street' in Cais do Sodré: urban change and liminal governance in a nightlife district of Lisbon". Urban Research & Practice. 12 (4): 322–340. doi:10.1080/17535069.2018.1449010. ISSN 1753-5069. S2CID 158626391.
  15. ^ "Avenida da Liberdade: from the bourgeoisie promenade to the showcase of international capital". ResearchGate. Retrieved 2019-06-13.
  16. ^ Nunes, Paulo (2019-03-01). "Cities Regulated by Cultural Events: Tracking Music Festivals in Lisbon and São Paulo". International Journal of the Sociology of Leisure. 2 (1): 149–152. doi:10.1007/s41978-019-00035-1. ISSN 2520-8691. S2CID 149914667.
  17. ^ Paolicelli, Michela (January 2017). "THE IMPACT OF MUSIC FESTIVALS ON THE TOURISM ECONOMY: NOS Alive Case Study" (PDF): 5. S2CID 55687581 – via GoogleScholar. {{cite journal}}: Cite journal requires |journal= (help)
  18. ^ Almeida, Cláudia; Costa, Vânia (2015-12-31). "Low-Cost Carriers, Local Economy and Tourism Development at Four Portuguese Airports. A Model of Cost–Benefit Analysis". Journal of Spatial and Organizational Dynamics. 3 (4): 245–261. ISSN 2183-1912.
  19. ^ Jimenez, Edgar; Claro, João; Pinho de Sousa, Jorge (2012-09-01). "Spatial and commercial evolution of aviation networks: a case study in mainland Portugal". Journal of Transport Geography. Special Section on Theoretical Perspectives on Climate Change Mitigation in Transport. 24: 383–395. doi:10.1016/j.jtrangeo.2012.04.011. ISSN 0966-6923.
  20. ^ "Hyatt hotel chain arrives in Portugal with UIP". www.theportugalnews.com. Retrieved 2019-06-13.
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