Service turnover up 23.7% in July

  • Lusa
  • 9 September 2022

"The services turnover index went from a year-on-year change of 20.8% in June to 23.7% in the month under review," INE said in a statement.

Turnover in services in Portugal recorded a year-on-year increase of 23.7% in July, up 2.9 percentage points (p.p.) from the previous month, Statistics Portugal (INE) said on Friday.

“The services turnover index went from a year-on-year change of 20.8% in June to 23.7% in the month under review,” INE said in a statement.

However, this indicator – not adjusted for seasonality and calendar effects – showed a year-on-year growth of 22.4% in July, versus a 21.1% increase in the previous month.

In addition, INE said it was worth highlighting the section of ‘accommodation, restaurants and similar”, whose year-on-year growth rate was 62.3%, placing the respective index 3% above the pre-pandemic period of Covid-19.

“July 2022 was the first month in which all sections recorded levels of activity higher than February 2020, the last pre-pandemic month,” INE points out.

In monthly terms, the total index had an increase of 0.7% in July, compared to a growth of 0.8% in the previous period.

The employment, compensation, and hours worked indices, adjusted for calendar effects, showed year-on-year increases of 7.4%, 10.2% and 7.2%, respectively, compared to increases of 7.7%, 8.8% and 7.2% in June, in the same order.