“At this moment, we do have some positive figures (…) with some recovery noted” said João Vieira Lopes, of the CCP – the Portuguese Confederation of Retail and Services, before noting that both the drop in savings and the rise in consumer credit loans was helping this scenario bubble along.


“In general terms, sales are expected to be a little better than last year without being a spectacular difference”, said the confederation president before adding that “in overall terms, people have also grown tired of the recession and, without going over the top, are again consuming more closely in line with their actual earnings.”


Vieira Lopes also told Lusa that in sectors such as foodstuffs “there has been a slow but constant recovery influenced by some expectations of those who get by on low salaries.”


Meanwhile, the National Institute of Statistics reported a gloomier outlook for the economy on Friday.


"In Portugal, the indicator for economic activities, available until October, and that for the economic climate, available until November, both fell” the institute said by statement.


The institute explained that its short term indicators pointed to a slowdown in economic activities in the industrial, construction and public works sectors alongside that of services while the quantitative indicator for private consumption reported a small annualised increase in October primarily reflecting the input of current consumption.