2022 Edition 44 More information is available at: Monthly economic survey – July 2022 18 August 2022 Investment The Gross Fixed Capital Formation indicator slowed down in June, after accelerating in the two previous months. The following contributed to this outcome: • The Machinery and equipment component, whose contribution had been positive and significant in the previous month, was decisive; • The Transport equipment component, with its contribution being slightly more negative than that registered in May; • Construction mitigated the deceleration by making a higher positive contribution than in the previous month. External demand In June 2022, exports and imports of goods registered nominal year-on-year rates of change of 37.1% and 41.6%, respectively (40.7% and 45.0%, in the same order, in May 2022). The rates of change concerning the value of exports and imports of goods reflect significant increases in their prices. The more expressive increase in the implicit prices of imports of goods compared to exports of goods reflects losses in the terms of trade, which have worsened in recent months, mainly due to the prices of energy goods, contributing to the deterioration of the external balance of goods. Labour market In the 2nd quarter of 2022: • The unemployment rate stood at 5.7%, 0.2 and 1.0 p.p. less than in the previous quarter and the same quarter a year earlier, respectively; • Total employment was virtually unchanged from the previous quarter and increased by 1.9% year-on-year; • Total monthly gross earnings increased by 3.1% compared to the 2nd quarter of 2021, amounting to €1,439; • In real terms, taking the CPI rate of change as a reference, total gross earnings decreased by 4.6%. Prices In July 2022, year-on-year: • The Manufacturing Price Index increased by 26.1% (25.6% in the previous month), the highest value of the current series; • The rate of change concerning the Consumer Price Index (CPI) reached the highest rate since December 1992: 9.1% (+8.7 in the previous month); • The core inflation rate (total CPI excluding energy and unprocessed food products) registered a rate of change of 6.2% (6.0% in June), the highest since April 1994; • The Harmonised Consumer Price Index, whose weighting structure differs from the CPI in that it includes the expenditure of non-residents in the country and excludes the expenditure of residents abroad, registered a rate of change of 9.4% (+9.0% in the previous month), the highest rate since the beginning of the series in 1996. The press release from which this synthesis was based contained information available up to the 17th of August 2022.