Services turnover index in August up 25% YoY

  • Lusa
  • 11 October 2022

According to the INE, "the services turnover index recorded a nominal year-on-year change of 25 percent in August, a rate 1.4 percentage points (p.p.) higher than in the previous month."

Portugal’s index of turnover in services rose 3.9 percent in August from July, and was up 25 percent from its level of August of 2021, according to data from Statistics Portugal (INE), released on Tuesday.

In July, the total services turnover index had been up 1.0 percent on June.

According to the INE, “the services turnover index recorded a nominal year-on-year change of 25 percent in August, a rate 1.4 percentage points (p.p.) higher than in the previous month.”

It stressed that the current climate of strong consumer price rises “is surely influencing the strong growth rates in services,” particularly accommodation, restaurants and similar services, on the one hand, and transport and storage on the other.

Those two sectors recorded year-on-year growth rates of 35.5 percent and 34.2 percent respectively, reaching levels higher than before the Covid-19 pandemic.

“Moreover, August 2022 was the second consecutive month in which all sections recorded higher levels of activity than February 2020, the last pre-pandemic month,” the INE pointed out in the release.

The indices of employment, pay and hours worked in August, adjusted for calendar effects, showed year-on-year changes of 7.3 percent, 10.2 percent and 6.3 percent, respectively. In July, the year-on-year rises had been 7.5 percent, 10.7 percent and 7.3 percent .