Summary
In June, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recovered. In the same month, the raw materials and oil prices presented monthly change rates of -10.3% and -1.2% (1.0% and 0.6% in May), respectively.
In Portugal, the economic climate indicator maintained in June 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 May, registered a less intense decrease comparing with the previous month. The private consumption indicator presented a less pronounced year-on-year reduction in May, due to the lower negative contribution of the non-durable consumption component. The Gross Fixed Capital Formation (GFCF) recorded also a less intense year-on-year decrease, reflecting the less negative contributions of the construction and, to a lesser extent, the machinery and equipment components. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 5.7% and -1.6% in May (2.8% and -2.3% in the previous month), respectively.
The 12-month average rate of the Consumer Price Index (CPI) was 1.4% in June (1.6% in May). The 12-month average rate of the Harmonized Index of Consumer Prices (HICP) decreased to 1.6% (1.7% in the previous month). In June, the differential between the Portuguese HICP and the EA HICP was -0.4 p.p., the same as in April and May.