According to Statistics Portugal (INE), the Services Turnover Index in services soared 30.5% in May, compared to the same period last year.
The Service Turnover Index soared 30.5% in May, compared to the same period last year. Comparing with May 2019, this indicator fell by 11.1%, according to data released by Statistics Portugal (INE) on Tuesday.
The index’s variation rate in May was 12.7 percentage points (p.p.) lower than the rate observed in the previous month, but “the strong increases observed reflect a base effect, as the comparison focuses on months significantly affected by the pandemic,” INE explains.
Making the comparison with February 2020, the last month before the Covid-19 outbreak, it was the index for the section accommodation, restaurants and similars that felt the greatest impact of the pandemic, with a reduction in the activity of over 30%.
As for employment, the index retreated by 0.9% in May from a year ago, having already contracted by 3.4% in April. The index of wages and salaries rose 10.0% in May, but it was “largely influenced by the base effect, as the index was 4.3% below May 2019,” INE signals.