Industry revenue of “manufacture of games and toys“ in Portugal 2011-2023
Over the past few decades, Portugal has witnessed a decline in population, owing to the falling birth rates. Moreover, according to the United Nations’ estimates, the population in the country is expected to drop to 9.1 million, by 2025, a 10 percent decrease as compared to 2020. This has not augured well for many sectors and one amongst them is the toys and games industries. Revenues are expected to decline drastically from 14.1 million U.S. dollars in 2011 to 0.52 million U.S. dollars by 2023, as the number of enterprises continue to decline. Additionally, low consumer confidence, growth of online toy stores and availability of cheaper imports have further dented sales.
The outbreak of the corona virus has further added to the industries’ woes as majority of the brick and mortar stores and factories have been shut for an indefinite period of time. Experts predict that the country is expected to enter into a period of recession, as the unemployment rate is expected to surge between 11-12 percent. Additionally, private consumption is set to decline between 3-5 percent.
The outbreak of the corona virus has further added to the industries’ woes as majority of the brick and mortar stores and factories have been shut for an indefinite period of time. Experts predict that the country is expected to enter into a period of recession, as the unemployment rate is expected to surge between 11-12 percent. Additionally, private consumption is set to decline between 3-5 percent.
