Digital economy 4.6% of GDP

Portugal’s digital economy grew 4.6% and has space to grow more according to a report by the Boston Consulting Group.

Despite almost reaching 5%, it still has a long way to go to close the gap with some European countries that are far more digitalised.

The report which is supported by Google, estimates that the impact of digital on the economy has grown in Portugal and in 2017 was worth around €9Bn after having grown around 20% over the past four years.

The amount was equivalent to 4.6% of Portugal’s GDP in that year. The digital economy analysed by the Boston Consulting Group is a vast category that includes e-commerce revenues, monthly payments for internet access services, travel services such as Uber, infrastructure communication operator investments and public expenditure in information technologies.

The weight of digital on Portugal’s GDP falls short of what the consultant estimates in Spain, Germany, France, Italy and the United Kingdom where the average was nearly 8%.

In the United Kingdom, where the indicator is highest, the digital economy represents around 13.8% of GDP wealth.

In Spain, the value was 6.4% and in Italy 5%. “If Portugal can succeed in attaining the average of 7.9% that its European partners have achieved, this would represent an additional €6Bn to its economy”, concludes the Boston Consulting Group.