Azorean Economy: Reasons to Doubt the Future?

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The words spoken by Bernard Kleynhoff, president of the CCI, couldn’t have been more alarmist: “the situation isn’t catastrophic but it is far from reassuring.” He then listed figures that indeed do little to uplift spirits. Nor did those spoken, a few minutes later, by Yvon Grosso, president of UPE 06, regarding employment: rising unemployment and negative prospects for the near future.

On the tourism side, the engine of the local economy, although the season started late, July and August allowed recovery of the accumulated lag in visitor numbers, but revenues did not follow suit.

In short, people are spending less, paying attention to last-minute offers and choosing ‘cheap’ restaurants over fine dining.

The social aspect concerning employment is no more cheerful: 53,600 (+10.5% compared to 2011) people are job seekers.

To conclude by looking to the future: Order books continue to deteriorate, and business leaders’ forecasts are leaning downwards.

Ultimately… only reasons for concern!

In summary:

– Stability of the overall revenue of companies
– Significant increase in job seekers
– Satisfaction among tourism professionals

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