Summary
The available indicators to October and November about the international economic background presented a less favourable environment to the Portuguese economy. In November, oil and other raw materials prices accelerated. At the European Union and Euro Zone level, the economic sentiment indicator continued to diminish. On the domestic side, the indications are mixed. On the one hand, the indicators about private consumption and investment point to some deceleration in October. On the other hand, indicators related to the supply side behaviour, namely the turnover and production indexes, revealed more intense growths, as it did the economic activity indicator. On the same month was observed a slow down in the value of imports (0.2 percentage points) and, in a greater degree, of exports (1.1 p.p.).In November, inflation continued to increase, reaching 2.8% (0.2 p.p. more than in October). Nevertheless, for the third consecutive month, the inflation measured by the HICP was on an inferior level than the Euro Zone one.Report based on information available up to December 17, 2007.