Monthly Economic Survey
Private consumption diminished more intensely and investment attenuated the reduction in August
- September 2012
18 October 2012
In September, the economic sentiment and the consumer confidence indicators decreased again in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of 1.8% and -4.0% (0.1% and 9.5% in August), respectively.
In Portugal, the economic climate indicator diminished in September, opposing the tenuous upward movement started in March. The economic activity indicator, available until August, decreased more significantly after recording less intense reductions in June and July. The private consumption indicator presented a more pronounced year-on-year reduction in August, reflecting the stronger negative contribution of both components, current and durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator recorded a slightly less intense year-on-year decrease, due to similar movements of the construction and the machinery and equipment components. Concerning the international trade of goods, exports and imports in nominal terms registered year-on-year change rates of 10.4% and -1.5% in August (8.9% and -6.2% in the previous month), respectively.
In August, the labour market indicators continued to reveal a reduction of both employment and the average monthly wage per worker.
The year-on-year change rate of the Consumer Price Index (CPI) shifted from 3.1% in August to 2.9% in September. Excluding energy and unprocessed food products, the CPI registered a year-on-year growth rate of 1.1% in September (1.4% in August). The differential between the year-on-year change rates of the Portuguese and the EA Harmonized Index of Consumer Prices (HICP) was 0.2 p.p., 0.4 p.p. less than in the previous month.