Summary
The economic sentiment and the consumer confidence indicators diminished in the Euro Area (EA) and in the European Union (EU27) in November. In the same month, the raw materials and oil prices presented monthly change rates of -1.2% and 2.2% (-8.3% and
-2.5% in October), respectively.
In Portugal, the economic climate indicator decreased in November, maintaining the downward movement started in July 2010 and attaining the minimum of the series. The economic activity indicator, available until October, extended the descending path observed since September 2010. The private consumption indicator presented a stronger reduction in October, reflecting the contribution in the same direction of non-durable and durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator diminished more intensely, due to the negative contribution of the investment in construction. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 15.2% and -0.8% in October (13.5% and 3.8% in the previous month), respectively.
The year-on-year change rate of the Consumer Price Index (CPI) shifted from 4.2% in October to 4.0% in November. In the same month, excluding energy and unprocessed food products, this rate was 2.1% (2.5% in the previous month). The prices of the goods and of the services components presented year-on-year growth rates of 5.0% and 2.2% (5.4% and 2.4% in October), respectively. The differential between the change rate of the Portuguese Harmonized Index of Consumer Prices (HICP) and of the EA HICP was 0.8 p.p. in November, 0.2 p.p. less than in the previous month.