IBERSOL Annual Report 2018

Introduction Following record GDP growth in 2017 (2.3%), we reached the end of 2018 with 2.1% growth, according to the Na- tional Statistics Bureau (INE). This can be largely put down to a decrease in exports of Goods and Services (from 7.8% in 2017 to 3.7%). Internal demand – investment – also contributed to the slowdown, despite expenditure having risen from 2.3% to 2.5%. Part of this ex- penditure, which was in large part due to the record high numbers in tourism, was spent in our restaurants. Foreign tourists spent 1.9 million euros per hour in Portugal last year, or 45.5 million euros a day, the highest value on record. Altogether, the Portuguese economy exported 16.6 billion euros in travel and tourism. Being optimists, we continue to believe that Portugal has the necessary condi- tions to continue to grow and converge with Europe, despite uncertainties at the external level. This is the background against which we manage the Group’s activities in the three markets in which we operate: Portugal, Spain and Angola. Last year’s activity was marked by the agreement reached between Pizza Hut and Telepizza in May, which was ap- proved at the end of the year by the di- rectorate-general for competition of the INTRODUCTION 8