The Portuguese economy is losing momentum and this is already starting to be reflected in the National Institute of Statistics (INE) employment and unemployment indicators.
Employment is heading towards stagnation, unemployment, which is still low, is slowly rising, business expectations for hiring and creating jobs over the next three months plummet across all sectors analysed.
According to INE, total employment is growing less and less, at just 0.8% in September compared to the same month of 2021. This figure, still provisional, is the weakest since March 2021, Portugal recovered from the worst wave of the pandemic.
When the observation period starts when the war in Ukraine breaks out (end of February), it becomes clear that even with a scorching summer of tourists, the Portuguese economy has lost almost 20 thousand jobs since the start of the war and the inflation crisis until the last month of September.
But INE shows, for example, that there are parts of total employment that may already be collapsing, even compared to last September.
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Source: DN
