merican companies continue to strengthen their impact on the Portuguese economy, contributing to wealth creation, highly skilled employment, innovation, and competitiveness. These are among the key findings of the 3rd edition of the American Companies Barometer in Portugal, developed by AmCham Portugal in partnership with PwC. The study analyses the economic footprint of American companies in Portugal, the strategic role of the United States as one of Portugal’s key partners, and the country’s potential in the digital capital economy.

The study shows that American companies have become a structural component of the Portuguese economy. Although they account for 7.6% of all foreign companies operating in Portugal, they stand out for their significant economic impact, their focus on high value-added sectors, and their creation of highly qualified jobs.

Among the study’s main findings:

• 38% of American companies have been operating in Portugal for more than 20 years, reflecting the maturity and long-term commitment of U.S. investment.

• 22% operate in the Information and Communication Technologies (ICT) sector, making it the leading area of activity.

• American companies offer an average compensation per employee that is approximately twice the average in Portugal’s private sector, with average personnel costs of €3,730 per employee, highlighting their investment in highly skilled talent.

The Barometer also shows that the contribution of American companies to Portugal’s GDP continues to grow steadily, reflecting the consistent expansion of their operations and their increasing role in creating value for the Portuguese economy. At the same time, the business landscape has evolved, with a stronger presence of medium-sized companies and an increasing capacity to generate highly qualified employment.

United States Strengthens Position as Portugal’s Leading Non-European Partner

The study also confirms the strategic importance of the United States for Portugal. The U.S. is now Portugal’s largest trading partner outside the European Union and its leading non-European investor.

Between 2019 and 2025, approximately 65 U.S. investment projects were implemented in Portugal, representing an estimated €3.7 billion in investment, largely concentrated in technology-related sectors and other high value-added activities.

Credits: Supplied Image; Author: AMCHAM;

Portugal Gains Momentum in the Digital Capital Economy

A new feature of this edition is a dedicated chapter analysing Portugal’s position within the digital economy.

The study concludes that Portugal possesses unique strengths to establish itself as one of Europe’s leading digital hubs, benefiting from its strategic geographic location, expanding network of submarine cables, abundant renewable energy resources, highly qualified talent, and dynamic technology ecosystem.

By the end of 2026, Portugal is expected to host 20 submarine cable systems, further strengthening its position as one of Europe’s main digital gateways and creating favourable conditions to attract investment in data centres, cloud services, and artificial intelligence. The study estimates that this infrastructure could support more than €10.3 billion in associated technology investment.

The report also includes the perspectives of six CEOs of American-owned companies investing in this sector.

Credits: Supplied Image; Author: AMCHAM;

Business Leaders Remain Confident About Growth

The Barometer also incorporates a survey of executives from American companies operating in Portugal, revealing a positive outlook for the future:

• 78% expect their turnover to grow.

• 65% plan to make new investments.

• 94% report investing in Artificial Intelligence.

• The main challenges identified include market competitiveness, regulatory complexity, and attracting and retaining talent.

A Strategic Decision-Making Tool

Now in its third edition, the American Companies Barometer in Portugal has established itself as a leading reference for businesses, investors, and policymakers, providing rigorous and independent insights into the economic impact of American companies, the evolution of economic relations between Portugal and the United States, and the opportunities positioning Portugal as one of Europe’s emerging digital economy hubs.

Discover more at www.amchamportugal.pt.

The full report is available HERE:

Credits: Supplied Image; Author: AMCHAM;