2022 Edition 42 MONTHLY STATISTICAL BULLETIN Production and consumer prices are on a pronounced upward trajectory Economic activity The short-term indicators of economic activity from a production perspective available for February 2022, show that: • When compared to 2021: » They continue to point to steep growth in nominal terms, more intense than in January, reflecting pronounced increases in implicit deflators; » They mirror, in real terms, an increase in Construction and a decrease in Industry; • When compared to February 2020: » The Industrial Production Index showed a lower level; » The Manufacturing and Services Turnover Indices and the Production in Construction Index registered higher levels. The economic activity indicator1 accelerated in January and February, more markedly in the latter month, after having decelerated in December. This evolution partly reflects a base effect, given that in January and February 2021 additional measures to fight the pandemic were in force, imposing more restrictions on economic activity. The economic climate indicator2 decreased moderately in March, after having reached in the previous month a level similar to that observed in February 2020 and has shown an uneven behaviour between July and January. Still in March (year-on-year): • The manufacturing price index presented a rate of change of 19.9% (16.5% in the previous month), registering the highest growth of the current series; • The index concerning consumer goods also accelerated significantly, to 9.2% (6.9% in February); • The rate of change in the Consumer Price Index was 5.3%, also up (+1.1 p.p.) on the previous month, reaching the highest rate since June 1994; • The average consumption of electricity on a working day registered a rate of change of 8.3%, which compares with rates of -1.5% in January and 1.5% in February. Average consumption of electricity on working days 1 The economic activity indicator summarises a set of quantitative indicators that reflect developments in the economy. 2 The economic climate indicator summarises the balance of respondents' answers to the questions in the qualitative business surveys. 8.3 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Mar-06 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 Mar-22 y-o-y rate/%
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