According to the INE, "the economic activity indicator, which summarises quantitative indicators that reflect the economy's evolution, slowed in March, after accelerating in January and February."
Portugal’s economic activity indicator slowed in March after having accelerated in January and February, while the economic climate indicator “increased slightly” in April after having decreased in March, Statistics Portugal (INE) said on Wednesday.
According to the INE’s Economic Survey, “the economic activity indicator, which summarises quantitative indicators that reflect the economy’s evolution, slowed in March, after accelerating in January and February.”
This indicator registered a year-on-year variation of 5.5% in March, compared to 7.6% in February.
However, the institute noted that “the evolution in the first two months of the year partly reflected a base effect. In January and February 2021, several measures were in place to combat the pandemic, imposing restrictions on economic activity.”
According to INE, “the short-term indicators on economic activity from the production perspective, available for March, continue to point to high growth in nominal terms, with an acceleration in industry and a slowdown in services.”
“Largely reflecting the acceleration of prices, the short-term indicators of economic activity from the production perspective, available until March 2022, continued to show high growth in nominal terms, highlighting the turnover index in industry with an increase of 25.8% in March (23.0% in February),” it states.
“In real terms, it added, there was a slowdown in construction, while there was a slightly positive year-on-year change in industry after the decreases recorded in the two previous months.”
As for the economic climate indicator, which summarises the balance of respondents’ answers to the qualitative business survey questions, “it increased slightly in April, after having decreased in March”.
In April, the economic climate indicator stood at 2.2%, after 2.1% in March.