INE anticipates that the pace of economic recovery was slower in September than in previous months.
The National Statistics Institute (INE) warns that the pace of economic recovery, after the initial shock of the pandemic crisis, slowed in September compared to the last three months, according to the Monthly Economic Survey released on Tuesday.
“In Portugal, not considering three-months moving average (see next section), the information already available for September reveals a progressively less intense contraction in economic activity between June and September,” explains INE, adding that “the improvement in September was slower than in previous months.”
The same happened in the Euro Zone where economic recovery continued in September, but at a ‘slower’ pace. There has been an increase in confidence in the industry, retail trade, construction and services, while the improvement in consumer confidence has been mild.
This is the first clear sign that the economy’s recovery may have slowed with the deterioration of the pandemic situation, leading to greater consumer caution. In Portugal’s case, the consumer confidence indicator fell in September.
However, this indicator remains “in a level close to the one verified in the three previous months, after the partial recovery observed in May and in June, but still remaining significantly below the pre-pandemic levels”. Between August and September, the Portuguese were more pessimistic about future developments in the Portuguese economy and its particular financial situation.