Summary
In February, the economic sentiment indicator extended the previous upward path in the Euro Area (EA) and in the European Union (EU27). In the same month, the consumer confidence indicator slightly diminished in the EA and in the EU27. The raw materials and the oil prices continued to register strong year-on-year growth rates in February, accelerating when compared with the previous month.
In Portugal, the economic climate indicator, available until February, maintained the downward movement started in July. The economic activity indicator diminished in January, continuing the descending path of the four previous months. In January, the private consumption indicator decelerated, led by the negative contribution of both components, durable and non-durable consumption, but more significant in the first case. The Gross Fixed Capital Formation (GFCF) indicator presented a less intense reduction in January, reflecting the acceleration in the transport material component and the less significant decrease in the construction component. Concerning the international trade of goods in nominal terms, imports and mainly exports recorded again strong year-on-year growth rates in January, of 12.3% and 19.0% (11.2% and 15.6% in December), respectively.
In February, the year-on-year change rate of the Consumer Price Index (CPI) was 3.5% (3.4% in January), excluding energy and unprocessed food products, the year-on-year change rate was 1.9%. In February, the prices of the goods and of the services components presented year-on-year growth rates of 4.4% and 2.4% (4.3% and 2.5% in the previous month), respectively. The differential between the change rate of the Portuguese Harmonized Index of Consumer Prices (HICP) and of the EA HICP decreased 0.2 p.p. in February, to 1.1 p.p..