Summary
In June, the economic sentiment indicator diminished and the consumer confidence indicator slightly increased in the Euro Area (EA) and in the European Union (EU27). Raw materials and oil prices continued to register strong year-on-year growth rates in June, although decelerating when compared to May.
In Portugal, the economic climate indicator maintained in June the downward movement started in July 2010. The economic activity indicator, information available until May, has stabilized, suspending the descending path observed since September. In May, the private consumption indicator decreased, reflecting the negative contribution of both components, durable and non-durable consumption. The Gross Fixed Capital Formation (GFCF) indicator presented a stronger reduction in May, due to the negative evolution of all components, but mainly that of construction. Concerning the international trade of goods, imports and exports in May continued to register significant year-on-year nominal growth rates, of 10.8% and 16.4% (9.2% and 16.5% in April), respectively.
In June, the year-on-year change rate of the Consumer Price Index (CPI) was 3.4% (3.8% in May). Excluding energy and unprocessed food products, the year-on-year change rate was 2.3% (2.5% in the previous month). The prices of the goods and of the services components presented year-on-year growth rates of 3.9% and 2.6% in June (4.6% and 2.8% in May), respectively. The differential between the change rate of the Portuguese Harmonized Index of Consumer Prices (HICP) and of the EA HICP diminished 0.4 p.p. in June, to 0.6 p.p..