en.Wedoany.com Reported - A study prepared by PwC for Portuguese oil company Galp shows that transforming the old refinery in Matosinhos into an innovation district could generate a cumulative economic impact of €65 billion on Portugal's Gross Domestic Product (GDP) over 30 years and create more than 100,000 jobs.
Released at the QSP Summit, the study analyzed various development scenarios for converting the old refinery into an urban hub integrating innovation, education, housing, and economic activities. PwC stated that the project's cumulative impact on Matosinhos' Gross Value Added (GVA) could reach €43 billion, with an annual impact expected to exceed €3 billion once the project matures.
The study estimates that the future innovation district could accommodate approximately 19,000 residents and 30,000 university students, with a development model combining housing, economic activities, education, research, leisure, and green spaces. In terms of employment, the analysis indicates that more than 100,000 jobs will be created nationwide, with around 65,000 located in the municipality of Matosinhos. Regarding cumulative tax impact, it is estimated at €9 billion at the national level and €400 million at the local level.
The study also shows that the project is expected to drive a 25% increase in R&D investment, a more than 50% growth in output from high value-added industries, and a 38% rise in exports. Productivity in strategic sectors could be 29% higher than the national average. Mobility is considered one of the key success factors for the initiative, with the concentration of residents, students, and jobs potentially supporting the enhancement of public transport services, including new metro lines, dedicated public transport systems, and active mobility solutions.
The study was led by PwC in collaboration with the Center for Territory, Transport and Environment Research (CITTA), the company for Transport Optimization and Planning (OPT), ImoEconometrics, and London School of Economics professor Ricardo Reis.
