Lisbon - Economy

Economy

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, each year are higher Gross Domestic Product (GDP) PPP per capita: € 22,745 (2004) – € 23,816 (2005) – € 25,200 (2006) – € 26,100 (2007).

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.

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.

Lisbonite industry has very large sectores in oil, as refineries are found just across the Tagus, textile mills, shipyards and fishing.

Before Portugal's sovereign debt crisis and a 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.