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Construction and service sectors remain in the red

Page created: Tuesday, 11 November 2014 15:57 GMT

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Construction

The September turnover in the Portuguese service sector shrank by 4.9% year-on-year and worsening the 3.3% contraction seen in August, the National Institute of Statistics announced Tuesday.

The institute reported that the wholesale and vehicle maintenance and repair sectors had played the greatest role with their combined contribution amounting to a 7.4% fall in September against a 5.5% year-on-year drop in August.

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Indeed, there has been a significant worsening in the service sector performance with the quarterly results showing a 3.7% annualised fall in business that had been down only 0.8% in the previous quarter.

In terms of employment, gross earnings and the number of hours worked, September saw these indicators vary by an annualised 1.2%, 1.6% and -0.5% respectively against the figures for August of 0.7%, 1% and -0.5%.

Furthermore, the National Institute of Statistics also released figures on Tuesday portraying a continuation in the contraction experienced by the construction sector.

The sector turned in its least worst result in the last twelve months but remained down 6.9% on the previous year even if improving on the negative 8.3% figure for August.

Indeed, the only immediate bright spot in the Portuguese business news came from Christian Nordahl, the Lisbon representative of the Norwegian Fishing Council, who said that imports of dried cod were up 76% in October.

Whilst pointing out that this was entirely related to the imminent festive season and the interconnection between bacalhau and local Christmas traditions, the overall picture pointed to a rise in dried cod consumption.

Through to the end of October, there were 22,515 tons of cod imported from Norway, against 21,510 tons in the same period of last year, representing a 4.7% increase in cod consumption from the source of three-quarters of Portuguese cod imports.

RCR/MC/KAR //KAR.