The French newspaper Le Figaro recently highlighted Portugal as an "economic success story" in a Europe marked by low growth, placing among the reasons for this performance the ability to attract talent and investment, the growth of the technology sector, incentives for research, quality of life and the emergence of new digital and energy infrastructures.

The numbers help to explain this attention. In the second quarter, the Portuguese economy grew by 0.8% compared to the previous three months and by 2.5% year-on-year, standing out among the Eurozone economies. At the same time, public accounts have improved in recent years and the burden of public debt has fallen significantly. It is a very different image from the one that Portugal projected just over a decade ago, when the country appeared in the international press mainly associated with the financial crisis, austerity and the external bailout.

But the most interesting aspect of Le Figaro's analysis lies in the transformation of the economy itself. The newspaper highlights Lisbon and the Unicorn Factory, created in 2022, which will have contributed to attracting 17 international startups valued at more than one billion euros. The Portuguese capital has managed to position itself in a market where cities are increasingly competing for companies, entrepreneurs, engineers and investment. The quality of life, safety, the availability of skilled labour and schemes designed to attract international professionals have thus come to have an economic value that goes far beyond tourism.

The other transformation is happening in Sines. Portugal is beginning to appear on the European map of data centres, an infrastructure that will gain even greater importance with the growth of artificial intelligence. According to figures cited by the French newspaper, there are more than 2.6 gigawatts of capacity under development in the country. The Atlantic position, the submarine cables connecting Europe to other continents and the growing production of renewable energy create a particularly attractive combination for this type of investment.

Perhaps this is the most relevant change. For decades, Portugal was seen essentially as a peripheral economy, dependent on tourism, construction and traditional sectors. Today, while these have ceased to be important, new pieces are starting to come together: technology, startups, international talent, renewable energy, data centres and digital connectivity.

Portugal continues to have evident structural problems, from low productivity to wages and housing, and it would be premature to talk about an economic miracle. But when one of the main European newspapers starts to look at the country not only as a tourist destination, but as a possible technological, energy and business hub, perhaps it is worth paying attention.

Because, sometimes, those on the outside can see a transformation before those who are too busy discussing it on the inside.