2022 Edition 40 More information is available at: Monthly economic survey – August 2022 19 September 2022 Investment The Gross Fixed Capital Formation indicator accelerated in July, following the slowdown recorded in the previous month. This outcome derives from: • The significantly positive contribution of the Machinery and Equipment component, which had been negative in the previous month; • The slightly less negative contribution of the Transport equipment component compared to that registered in June; • The negative contribution of the Construction component, which was almost symmetrical to the positive contribution it made in the previous month. External demand In July 2022, exports and imports of goods recorded nominal year-on-year changes of 28.3% and 29.2%, respectively (37.4% and 41.8%, in the same order, in June 2022). The rates of change concerning the value of exports and imports of goods reflect significant increases in their prices. The more significant increase in implicit prices of imports of goods compared to exports of goods reflect significant losses in the terms of trade, mainly due to the prices of energy goods, contributing to the deterioration of the external balance of goods. Labour market In July 2022: • The unemployment rate (16 to 74 years) stood at 5.9%, 0.1 p.p. less than in the previous month (5.9% three months earlier and 6.6% in July 2021); • The labour underutilisation (16 to 74 years) stood at 11.5%, 0.1 p.p. less than in the previous month (12.4% in July 2021); • The employed population (16-74 years) decreased by 0.1% compared to the previous month and increased by 0.9% year- -on-year (year-on-year change of 1.3% in June); • The average monthly earnings per employee declared to Social Security grew by 3.6% year-on-year (rate of change of 3.5% in the previous month and 4.2% in July 2021). Prices In August 2022, year-on-year: • The Consumer Price Index (CPI) rate of change was 8.9%, less 0.2 p.p. than in the previous month, when it reached the highest rate since November 1992; • The core inflation rate (total CPI excluding unprocessed energy and unprocessed food goods) registered a rate of change of 6.5% (6.2% in July), the highest since March 1994; • The Harmonised Consumer Price Index varied by 9.3%, lower by 0.1 p.p. than in the previous month, when it reached the highest level since the beginning of the series in 1996; • The Industrial Production Prices Index grew by 23.4%, lower by 2.5 p.p. than observed in the previous month, when the rate of change of this index reached the highest growth of the current series. The press release from which this synthesis was prepared was based on the information available until 16 September 2022.
RkJQdWJsaXNoZXIy MjM5MTA=