SYNTHESIS INE@COVID-19, 3-Nov-2021

November . 03 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 10/16 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt The average rate of change over the last twelve months in October 2021 is estimated at 0.8% (0.6% in the previous month). More information is available at: CPI/HICP flash estimate – Ocotber 2021 (29 October 2021) With regard to the Harmonised Index of Consumer Prices (HIPC) - the most appropriate inflation indicator for comparisons between the different countries of the European Union, and in particular the Euro Area - Portugal should have registered a year-on-year rate of change of 1.8% in October 2021 (1.3% in the previous month). Monthly rate (%)1 Annual rate (%)1 Sep-21 Oct-21 * Sep-21 Oct-21 * IPC Total 0.91 0.46 1.48 1.84 All items excluding housing 0.95 0.48 1.46 1.84 All items excluding unproc. food and energy 1.17 0.35 0.85 1.09 Unprocessed food -0.61 -0.02 -0.36 -0.74 Energy 0.63 2.13 10.50 13.29 HIPC Total 0.8 0.4 1.3 1.8 1 Rounded values to two and one decimals. * Estimated values. The Gross Domestic Product in volume registered a year-on-year rate of change of 4,2% and a quarter-on-quarter rate of change of 2,9% In the 3 rd quarter of 2021: • Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 4.2%. In the previous quarter, the year-on-year rate of change in GDP had been 16.1%, a result largely influenced by the severe impact of the pandemic in the 2 nd quarter of 2020; • Due to the partial dissipation of that base effect, the positive contribution of domestic demand to the year-on-year rate of change in GDP was lower than in the previous quarter; • The contribution of net external demand was slightly more negative, reflecting a stronger increase in Imports of Goods and Services than in Exports of Goods and Services; • The deflators for exports and, to a greater extent, imports should have registered significant increases, mainly related to the evolution of energy and raw material prices, prolonging the loss in terms of trade observed in the previous quarter;