2022 Edition 38 MONTHLY STATISTICAL BULLETIN Producer and consumer prices continue to accelerate1 Economic activity In the 4th quarter of 2021, Gross Domestic Product (GDP) in Portugal registered a year-on-year rate of change of 5.8% in real terms (4.5% in the previous quarter) and a quarter-on-quarter rate of change of 1.6% (2.9% in the previous quarter). In 2021: • GDP increased by 4.9% in volume, the highest growth since 1990, following the 8.4% decrease in 2020 (unprecedented in the available long series), as a result of the markedly adverse effects of the COVID 19 pandemic on economic activity, which meant: » An expressive positive contribution from domestic demand, after having been significantly negative in 2020, with a recovery in private consumption and investment; » The contribution of net external demand was much less negative than in the previous year, with significant increases in imports and exports of goods and services. As for the short-term indicators of economic activity from the production perspective, available for December: • In nominal terms, they continue to point to high growth rates reflecting, to a large extent, significant price increases; • In real terms, there were increases in industry and construction; • Compared with December 2019, only the production index concerning the industry showed a lower level, while the turnover indices in industry and services, as well as the production index in construction, registered higher levels. The economic climate indicator, which summarises the balance of respondents to the qualitative business survey questions, decreased in January, having shown irregular behaviour since July. Average electricity consumption on a working day registered a year-on-year rate of change of -1.4% in January, which compares with rates of 0.7% and -1.8% in November and December, respectively. Average consumption of electricity on working days 1 This synthesis has been prepared on the basis of information available up to the 16th of February 2022. - 1.4 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 y-o-y rate/%
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