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Industry revenue of “manufacture of refined petroleum products“ in Portugal 2011-2023

Over the past decade, Portugal has witnessed a significant rise in renewable energy production, owing to the realised cost benefits as well as due to the growing environmental hazards caused by fossil fuels. In fact, in March 2018, renewable sources produced over 100 percent of Mainland Portugal’s electricity consumption, according to data from reneweconomy.com, with 55 percent produced through hydro power and 42 from wind. In fact, that government plans to use renewable sources for electricity generation in the country permanently by 2040, following the footsteps of Iceland and Norway and has set a target of 31 percent for the medium term. Additionally, according to a report submitted to the EU, the government is planning on increasing the levy on coal used to produce electricity from 10 percent to 100 percent by 2022. This has not augured well for the country’s refined petroleum products manufacturing industry, with revenues projected to decline from 9.5 billion U.S. dollars in 2011 to 1.3 billion U.S. dollars by 2023.

Industry revenue of “manufacture of refined petroleum products“ in Portugal from 2011 to 2023

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Source

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Portugal. The industry “manufacture of refined petroleum products“ has the code “C192“.

Details on the methodology can be found here.

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