JULY 49 Production and consumer prices continue to rise. Implicit prices of exports and imports increase significantly Economic activity In May 2022, price-driven, the short-term indicators of economic activity from a production perspective: • In nominal terms, they continued to register high growth rates, accelerating compared to the previous month; • In real terms, there was an acceleration in construction and an increase in industry. It should be noted that May had one more working day than the same month of the previous year, whereas April had two fewer, which may have contributed to the acceleration observed in the non-working-day adjusted indicators, such as the turnover indices. The economic activity indicator slowed between March and May, after accelerating in January and February. The economic climate indicator decreased in May and June after stabilising in the previous month. Also, in May 2022 (year-on-year): • The Industrial Production Index registered a year-on-year rate of change of 3.0%, after having decreased by 1.3% in the previous month; Excluding Energy, this rate of change was 4.7% (-0.6% in April); • The Industrial Turnover Index, in nominal terms, accelerated significantly, after having slowed down in April, showing a year-on-year growth of 29.0% (18.7% in the previous month) and continuing to largely reflect the increase in industrial prices (24.7% and 24.5% in April and May); • The Services Turnover Index recorded a year-on-year rate of change of 20.9%, after increasing by 17.3% in the previous month. Compared with May 2019, there was an increase of 11.7%; • The Retail Trade Turnover Index (deflated) decelerated in year-on-year terms, falling from 4.5% in April to 2.1%; • The Production in Construction Index accelerated to a year-on-year rate of change of 2.0%, after having decelerated in the two previous months (rates of change of 7.2% in February, 2.9% in March, and 1.2% and April, respectively); • In tourism activity, the number of overnight stays increased by 221.8% year-on-year (a rate of 552.1% in April), registering, however, a decrease of 0.7% compared to May 2019; • Average electricity consumption on a working day registered a year-on-year rate of change of 2.8% in June, which compares with rates of 5.4% and 2.2% in April and May, respectively. Average consumption of electricity on working days 2.8 -20 -15 -10 -5 0 5 10 15 20 25 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18 Jun-20 Jun-22 y-o-y rate/%
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