EC Report Shows Portugal’s 2015 GDP Would Have Been 2% Lower Without EU Funds
According to the report, the Cohesion and Regional Development Funds available to Portugal in that period amounted to €14.6 billion, equivalent to 27.5% of the public expenditure made over those seven years, which was affected by fiscal consolidation efforts.
According to the document, during this period, in which the Portuguese economy was severely affected by the economic and financial crisis, leading to the request for financial assistance in force between 2011 and 2014, a third of the funding went to support for Business and Innovation, while 22% was used for investment in Social and Cultural Infrastructure and 17% for Environmental Infrastructure.
In total, the measures co-funded between 2007 and 2013, the report holds, led directly to the creation of 15,100 jobs (9,000 of them in Small and Medium-sized Enterprises), and helped launch close to 2,500 new businesses.
Source: Portugal 2020
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