Managers in the construction and retail trade sectors anticipate a decline in economic activity and an increase in prices for the period September-November 2025, while those in the manufacturing and services sectors foresee stability in activity and employment levels, but also a rise in prices, according to data the National Institute of Statistics (INS) published on Monday.
Specifically, 16.5% of managers in construction and 14.8% in retail trade expect activity to decline during the mentioned period. In the retail sector, 15.2% of managers forecast an increase in the number of employees, while 50.8% of construction managers and 47.4% in retail anticipate rising prices.
Based on data from the trends in economic activity survey conducted by INS, manufacturing managers forecast a relative stability in production over the next three months, reflected by a net balance of 3.5%. A stable number of employees is also anticipated (net balance -4.1%). However, industrial product prices are expected to follow an upward trend, indicated by a net balance of 35.3%.
According to managers' opinions, in September, construction output volume is expected to decline over the next three months (net balance -8.8%). A decrease in the number of employees is also forecast (net balance -6.8%). Construction work prices are expected to rise, reflected by a net balance of +48.7%.
In the retail trade sector, managers anticipate a moderate decline in turnover over the next three months, with a net balance of -8.4%. Regarding the labour force, employers expect a moderate increase in the number of employees (net balance +10.5%).
Price increases are estimated by the majority of respondents (47.4%), while only 1.5% expect prices to fall, resulting in a net balance of 45.9%.
Based on the estimated data, the volume of services (turnover) projected for the next three months indicates a relatively stable trend, with a net balance of -2.1%. In the services sector, the number of employees is also expected to remain almost unchanged (net balance -2.8%). Sales or billing prices are anticipated to increase, a trend reflected by a net balance of +27.6%.
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