Trend of Key Indicators - Efacec

Efacec Panel at Portela Airport - Lisbon, Lisbon,Portugal Portugal P
Following a fi rst quarter of falls, still refl ecting the
pessimism of 2008, the major fi nancial exchanges began
rising sharply, which allowed the US stock market indexes
to end 2009 recording their best performances of the
previous six years. The NASDAQ grew 43.9%, the S&P
5000 rose 23.5% and the Dow Jones advanced 23.5%.
The price of raw materials began a gradual recovery in
2009, with Brent passing USD 70 per barrel, doubling its
price from the beginning of the year.
The return of growth in the second half of the year was
not refl ected in the labour market, as unemployment
continued to grow at a slower pace.
The GDP of the European Union declined 4% in 2009, as
a result of the strong impact of the global economic crisis.
Subsequently the unemployment rate rose to 9.6%,
with Latvia (22.8%) and Spain (19.5%) registering the
highest rates.
Portugal's economy declined by 2.7% and it registered a
heavy budget defi cit of 9.3% of GDP.
The unemployment rate at the year’s end, according to
INE, was the highest of recent years, at 10.1%.
The harmonised CPI fell 0.9% in 2009, after increasing
2.7% in 2008. The fall in consumer prices in 2009 shall
be temporary in nature.
The international fi nancial crisis led to greater diffi culties
for businesses and private individuals to contract loans as
well as fi nd credit insurance cover. Business investment
fell 17.1% in 2009, according to INE.
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Exports decreased by 18.9% between January and
November 2009 and imports fell 15.6%, excluding fuel.
In industry, comparing the orders received in the last
quarter of 2009, with the same quarter of 2008, new
orders received decreased 14.2%.
Efacec managed, despite this unfavourable international
climate, to achieve strong results in 2009, showing its
competitiveness and the sustainability of its business in
Portugal and in the World.
World economies are expected to undergo gradual
recovery in 2010, albeit slow. According to Report on
the State Budget for 2010, the Portuguese economy
is expected to grow 0.7% in 2010. The Government’s
forecast for 2010 is that investment will continue to fall
and the unemployment rate will be 9.8%. In terms of
public fi nances, the budget defi cit is forecast to be 8.3%
and debt shall remain above 85%.
2009 Management Report and
Consolidated and Individual
Financial Statements