Summary
In March, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recovered again. In the same month, the raw materials and oil prices presented monthly change rates of -2.0% and -3.6% (0.1% and 2.2% in February), respectively.
In Portugal, the economic climate indicator reinforced in March the upward movement observed in the two previous months, after attaining the minimum of the series in December, while the economic activity indicator, available until February, registered a less intense decrease in the last six months. The private consumption indicator presented a slightly more pronounced year-on-year reduction in February, reflecting the stronger negative contribution of the non-durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator recorded a stronger decrease in February, attaining the minimum of the series, which reflected the more intense negative evolution of the construction component. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 0.8% and -6.1% in February (1.8% and -5.5% in the previous month), respectively. It should be mentioned that, without using three months moving averages, nominal exports of goods recorded a year on year decrease of 2.6% in February.
The 12-month average rate of the Consumer Price Index (CPI) was 2.0% in March (2.2% in February). The 12-month average rate of the Harmonized Index of Consumer Prices (HICP) decreased to 2.0% (2.3% in the previous month). In March, the differential between the Portuguese HICP and the EA HICP was -0.3 p.p. (-0.1 p.p. in February).