JULY 51 External demand In May 2022, exports and imports of goods registered nominal year-on-year rates of change of 40.6% and 46.4%, respectively (16.8% and 29.1%, in the same order, in April 2022). The rates of change in 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 products, contributing to the deterioration of the external balance of goods. Labour market In May 2022: • The seasonally adjusted unemployment rate (16 to 74 years) was 6.1%, i.e., 0.2 p.p. above the final figures recorded in April and March (6.9% in May 2021); • The labour underutilisation rate (16 to 74 years) stood at 11.5%, i.e., 0.1 p.p. more than the value observed in the previous month (12.7% in May 2021); • The employed population (16 to 74 years), also seasonally adjusted, decreased by 0.7% in comparison to the previous month and increased by 1.3% year-on-year (year-on-year rate of change of 3.4% in April). Prices In June 2022, year-on-year: • The rate of change in the Consumer Price Index (CPI) reached its highest value since December 1992: 8.7%; • The core inflation rate (total CPI excluding energy and unprocessed food products) registered a rate of change of 6.0%, the highest since June 1994; • The Harmonised Index of Consumer Prices registered a rate of change of 9.0%, the highest rate since the start of the series in 1996; • The Manufacturing Price Index grew by 25.7%, the highest value of the current series; Excluding energy, this index increased by 16.3% year-on-year, also the highest growth of the series. External environment In June 2022, in the Euro Area: • The economic sentiment indicator decreased, after the slight increase in the previous month; • The consumer confidence indicator also decreased; • There were also decreases in confidence indicators in all sectors of activity, construction, retail trade, services, and industry to a lesser extent. The press release from which this synthesis has been drawn was based on information available up to 18 July 2022 More information is available at: Monthly economic survey – June 2022 (19 July 2022)
RkJQdWJsaXNoZXIy MjM5MTA=