Portugal costlier than Spain

According to a study published last week by the Union of Swiss Banks (UBS), Lisbon is more expensive than most of its southern European counterparts when citizen's buying power is used a measuring tool.

The latest UBS report, which analyses the economic strength of inhabitants in 58 international cities, reveals that Lisbon residents are less likely to enjoy economic stability than their counterparts in cites such Madrid, Barcelona or Athens.

The UBS domestic buying power awarded Lisbon a mark of 51.8, well below the 74.8 and 74.4 given to Madrid and Barcelona respectively.

The cost of living in Lisbon is also higher than that in Spanish cities. Using a list of 100 consumables (in accordance with European habits), UBS researchers found that these items cost 927 US dollars in Lisbon, 14 US dollars more than in Madrid.

Food was also more expensive in Lisbon, and the 39 selected products would cost 250 dollars in the Portuguese capital, 12 and 17 dollars more than in Madrid and Barcelona respectively.

The earning capacity of Lisbonites was significantly lower than inhabitants of Spanish cities, with the UBS index awarding Lisbon 29.2 points (based on the clear salaries of 12 professions), as opposed to the 42.4 in Barcelona or 41.5 in the Spanish capital.

Lisbon residents apparently also work more, spending 150 hours more in the office than Parisians each year.

Leave of 22 days per year in Portugal is nine days less than that enjoyed by Spaniards.

One indicator generally used by economic observers the world over, is to establish how many minutes a person has to labour before having earned sufficient cash to purchase a Big Mac.

While Lisbonites will have to work for 32 minutes prior to visiting McDonald's, the average American can afford to eat five Big Macs every hour.

"Earning" a Big Mac in Madrid requires 21 minutes behind the desk.

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