According to the Bank of Portugal, economic activity rebounded in September for the first time since February 2011.
Private consumption indicators show a weak pulse remaining in negative territory but the indicators measuring overall economic activity have registered a positive value for the first time since early 2011.
According to a statement from the bank, the indicators for economic activity went up by 0.1% in September (versus -0.6 % recorded in August), a small figure but a momentous result for a government desperate for some good news.
The indicators for private consumption have been in a slow motion dive since November 2010 but showed a decrease of only -1.1% in September against -1.7% in August.
Many economists and pundits have not got into the party spirit and have noted that this increase is two years late, according to the governments frequently shifting goal posts.
September’s mild recovery, some have likened it to a terminally ill patient lifting his head from the pillow, even showed a positive figure for new car sales but this will not continue as the 2014 budget has kicked this sector in the wheel nuts with a variety of taxes that will serve only to depress demand.
