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Private consumption and investment diminish less intensely in November. Nominal exports decrease
Monthly Economic Survey
Private consumption and investment diminish less intensely in November. Nominal exports decrease - December 2012
18 January 2013


In December, the consumer confidence indicators for the Euro Area (EA) recorded a new reduction, while the economic sentiment indicator recovered slightly. In the same month, the raw materials and oil prices presented monthly change rates of 1.0% and -1.8% (-2,7% and -1,3% in November), respectively.
In Portugal, the economic climate indicator decreased tenuously in December, maintaining the descending path started in September. The economic activity indicator, available until November, registered a slightly less intense decrease in the last two months, suspending the previous movement. The private consumption indicator presented a less pronounced year-on-year reduction in November, mainly reflecting the lower negative contribution of the non-durable consumption component. The Gross Fixed Capital Formation (GFCF), although continuing to decrease intensively, recorded less pronounced year-on-year reductions in October and November, due to the less 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 -0.1% and -3.6% in November (3.7% and -1.0% in the previous month), respectively.
In 2012, the average change rate of the Consumer Price Index (CPI) was 2.8% (3.7% in 2011). The goods component shifted from a growth rate of 4.4% in 2011 to 2.5% in 2012, reflecting the less intense increase of the energy products’ prices. The services component presented an average change rate of 3.1% in 2012 (2.5% in 2011), influenced by the acceleration of the restaurant prices. The annual average change rate of the Harmonized Index of Consumer Prices (HICP) shifted from 3.6% in 2011 to 2.8% in 2012, registering a difference relatively to the EA of 0.3 p.p. (0.9 p.p. in the previous year).

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