Sonae, which owns the food retail chain Continente, accounted for 3.7% of the overall Portuguese gross domestic product (GDP) in 2022, a new study has revealed.
Sonae contributed €8.9 billion to Portugal's GDP for the year, while its contribution to total national production amounted to €17.8 billion, the study by Nova School of Business & Economics showed.
The conglomerate also emerged as the biggest national private employer in the country, with around 47,000 employees. Its operations generated an additional 212,000 jobs for the Portuguese economy.
In total, the 259,000 jobs accounted for 4.8% of the total national private employment in Portugal in 2022.
In other words, one in every 23 jobs in Portugal was directly or indirectly linked to Sonae in that period, the data showed.
'Positive For Portugal'
João Günther Amaral, executive director of Sonae, commented, "These results help to quantify the impact of our activity on people's lives and reveal that Sonae's good results are positive for the country.
"We are determined to continue to manage and grow responsibly, promoting more and better jobs, fostering innovation in the economy, contributing to regional development, being more inclusive and equitable, and respecting the planet's limits."
Other Findings
Sonae Group paid more than €1.6 billion in tax revenue in a single year, the study by Nova SBE also highlighted.
Of this total, €805 million included taxes paid by the group, social security contributions, and IRS withheld by its employees.
According to the researchers, this value is higher than the total public administration deficit recorded in 2022, as well as the investments made in hospital services by the Public Administration between 2018 to 2021.
Pedro Brinca, professor at Nova SBE, stated, "Our study demonstrates that Sonae is an important driver of economic growth."
