Industrial turnover +54.1% in April

Portugal’s Business Turnover Index enjoyed a like-for-like growth of 54.1% in April representing an increase of 37.5% percentage points on the previous month according to the National Statistics Institute (INE).

The INE states,”this development reflects in large measure a base effect since the previous month which had been severely affected by the pandemic with the index value at 73.4 (104.6 in February 2020, the last month not to be affected by the pandemic, and 111.1 in April 2019.
The index for the national market increased 36.3% in April (12.0%) the previous month), having contributed with 23.4 percentage points for the total index variation.
The index regarding the overseas market grew at a greater rate: 86.5% (23.4%) in March), contributing with 30.8 percentage points.
In comparison to April 2019, total business index variations and internal and external market variations stood at 1.8%, -0.8% and -5.5% respectively.
All industry segments enjoyed sharp like-for-like growth in April with the largest contributor being intermediate goods which increased in April by 44.5% (+16.9% in March) but compared to April 2019 saw an increase of 10.6%.
The investment goods index grew 185.8% in April compared to 33.7% in March, but compared to April 2019 the increase was 0.6% greater, while energy and consumer goods increased 40.5% and 36% in April compared to the same month in 2020, but were 0.8% above and 9.4% below on April 2019.
Employment in April saw a like-for-like increase of 0.3% compared to a fall of 2.1% in March, while salaries and hours worked were up 7.8% and 30.8%, above the 1.7% and 1.6% respectively the month before.
The monthly variation of the industrial business turnover index was -5.0% (+17.7% in March 2021, -28.1% in April 2020).