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Marques Mendes reveals that employment in Portugal will reach nearly five million in 2023

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Luis Márquez Méndez also announced that in February there will be a slight easing in the provision of mortgage credit, referring to the 3-month Euribor indexed credit.

Luis Márques Mendes, in his regular commentary on SIC, addressed the topic of employment in Portugal, revealing that the country has reached its highest number of workers since 2008, “with numbers reaching nearly five million in 2023.” [4.979 milhões]“This is a positive thing,” said the commentator.

Tourism and construction were the sectors that contributed most to job creation in 2023. The data is taken from the National Institute of Statistics, according to the commentator.

He pointed out that there are problems with high unemployment rates among young people, adding the issue of differences in salaries between men and women. “Inequality in salaries for men and women is worsening,” according to the commentator. “On average, women will earn 15.8% less than men in 2023,” he said.

Regarding youth unemployment, the fourth quarter figures revealed by Luis Márquez Méndez indicate 23.9%, compared to 6.6% in terms of the general unemployment rate. That is, youth unemployment is 3.5 times higher.

Márquez Mendes also highlighted the rise in remote work rates. In the fourth quarter of 2023, the number of remote workers increased by 6% compared to the same period in 2022, reaching 867 thousand. The hybrid system (in-person and remote work) grew by 20% to 321,000, and the total number of remote working days reached 3 days per week.

The commentator talks about “paradigm change.”

Regarding salary increases, Marques Mendes says that the average salary in net terms rose from 1,011 euros in 2022 to 1,041 euros in 2023. Therefore, it is lower than inflation, which reached 4.3% on an annual basis. This means loss of purchasing power.

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Luis Márquez Méndez also announced that in February there will be a slight easing in the provision of mortgage credit, referring to the 3-month Euribor indexed credit.

At a 3-month Euribor rate on a €150,000 loan with a term of 30 years and a margin of 1%, there is an exemption of €4. When you borrow the same amount indexed to the 6-month Euribor, the saving is €5. But there is still an increase in loans linked to the 12-month Euribor system, amounting to 24 euros. “The trend is down,” he said.

Marquez Mendes took the value offered by Mario Centeno to hold interest rates at 2%. On a loan of 150 thousand euros, linked to Euribor for 6 months, with a current installment of 795 euros, in the 2% interest scenario, there would be a reduction of 20% to 632 euros.

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