The services sector turnover index accelerated to 43.6% year-on-year during the month of April thanks to the positive steps taken in the deconfinement in practically the whole country, but also due to the base effect, since in April 2020 the confinement was still in force. Despite the strong rise, the indicator remains 11.2% below the values of April 2019.
The data are from the National Institute of Statistics, which highlights a strong recovery compared to March, when the value registered for the turnover index was 0.5%. Since February 2020, the indicator has not registered a positive value.
Among the items with the greatest contribution to the rise in the index are wholesale trade and trade and repair of cars and motorcycles, which contributed 28.8 pp (from 43.5%) thanks to a year-on-year change of 48.4% and a growth of 7.3% compared to the month of March. Automotive trade alone registered a year-on-year growth of 145%, which can be explained by the base effect, since in 2020 the stands only reopened at the beginning of May.
The accommodation and restaurant businesses also showed positive results. Activity grew 132.9% compared to the same month last year and contributed to the index with 4.1 pp. The INE highlights, even so, that the sector “continued to show the greatest reduction in activity, above 50%” in in relation to the last pre-pandemic month (February 2020)
The transport sector also more than doubled compared to last year (102.2%) although the transport and storage item recorded a year-on-year growth of 44.9% with a 5.1 pp contribution to the index. it is still 25.5% below the values recorded in 2019.
The indices of employment, wages and hours of work adjusted to the effects of the calendar “showed year-on-year changes of -3.4%, 4.6% and 18.5%, respectively”, remaining at negative levels: -8, 9% in the employment index, -5.2% in the remuneration index and -14.2% in the hours worked index.
Source: Jornal de Negócios by www.jornaldenegocios.pt.
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