Monthly Economic Survey
Private consumption and investment diminish less intensely in October. Nominal exports decelerate and imports decrease less significantly.
- November 2012
19 December 2012
In November, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recorded a new reduction. In the same month, the raw materials and oil prices presented monthly change rates of -2.7% and -1.3%
(-3,0% and -1,9% in October), respectively.
In Portugal, the economic climate indicator decreased between September and November, interrupting the previous ascending path and attaining the minimum of the series. The economic activity indicator, available until October, registered a slightly less intense decrease, suspending the movement observed in two previous months. The private consumption indicator presented a less pronounced year-on-year reduction in October, mainly reflecting the lower negative contribution of the current consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) recorded a slightly less intense year-on-year decrease due to the less significant negative evolution of the construction and the transport material components. Concerning the international trade of goods, exports and imports in nominal terms registered year-on-year change rates of 3.4% and -0.6% in October (4.2% and -4.9% in the previous month), respectively.
The year-on-year change rate of the Consumer Price Index (CPI) shifted from 2.1% in October to 1.9% in November. This behaviour was due to the deceleration of the goods component, from a year-on-year change rate of 1.6% in October to 1.2%. The year-on-year change rate of the services component stabilized at 3.0% in the last two months. Excluding energy and unprocessed food products, the CPI registered a year-on-year growth rate of 1.2% in November, more 0.1 p.p. than in the last two months. The differential between the year-on-year change rates of the Portuguese and the EA Harmonized Index of Consumer Prices (HICP) was -0.3 p.p. (-0.4 p.p. in October).