Algarve is home to 6.2% of all companies in Portugal
The Algarve’s business sector reached a milestone at the end of 2023 with 94,476 companies, the highest number recorded since 2008, according to the National Statistics Institute (INE).
This figure represents 6.2% of all companies in Portugal and marks an impressive 8% growth in the region compared to 2022, outpacing the national growth rate of 5%.
Nationally, Portugal had 1.53 million active companies in 2023, with 65.8% classified as individual businesses and 34.2% as corporations.
José Apolinário, president of the Algarve’s regional development and coordination commission (CCDR Algarve), has celebrated the economic momentum, stating: “Together, the Algarve moves forward”. He also credited the dedication of businesses, entrepreneurs, and workers for driving regional growth.
The INE report also revealed further details about the Algarve’s business landscape, which employed 220,200 people at the end of 2023, with 144,700 receiving regular wages and each company employing 2.3 people on average.
Meanwhile, 3.1% of Algarve companies employed 10 or more people, and notable growth was registered among high-performing businesses, namely 38 “gazelle companies” (young, fast-growing firms) and 442 high-growth companies.
The report also shows that the region’s businesses generated a Gross Value Added (GVA) of €5.23 billion, a 14% year-on-year growth.
