Summary
In May, the consumer confidence indicator for the Euro Area (EA) recovered again, while the economic sentiment indicator maintained the slight decrease of the previous month. Also in May, the raw materials and oil prices presented monthly change rates of 1.0% and 0.6% (-3.8% and 6.2% in April), respectively.
In Portugal, the economic climate indicator maintained in May the upward movement observed since the beginning of the year, after attaining the minimum of the series in December. The economic activity indicator, available until April, registered a less intense decrease comparing with the previous month. The private consumption indicator presented a slightly less pronounced year-on-year reduction in April, due to the lower negative contribution of the non-durable consumption component. The Gross Fixed Capital Formation (GFCF) recorded a less intense year-on-year decrease, reflecting mainly the less negative evolution of the construction component and, to a lesser extent, the positive contribution of the transport material component. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 3.1% and -2.7% in April (-0.2% and -7.2% in the previous month), respectively.
The 12-month average rate of the Consumer Price Index (CPI) was 1.6% in May (1.7% in April). The 12-month average rate of the Harmonized Index of Consumer Prices (HICP) decreased to 1.7% (1.8% in the previous month). In May, the differential between the Portuguese HICP and the EA HICP was -0.4 p.p., the same as in April.