Monthly Economic Survey
Private consumption and investment diminish less intensely in July. Nominal exports decelerate and imports accelerate
- August 2013
18 September 2013
In August, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recovered significantly. In the same month, the raw materials and oil prices presented monthly change rates of -2.0% and 1.5% (6.9% and 5.7% in July), respectively.
In Portugal, the economic climate indicator intensified in August the upward movement observed since the beginning of the year, after attaining the minimum of the series in December. The economic activity indicator, available until July, registered a less intense decrease comparing with the previous month. Information from Short-Term Statistics revealed less intense year-on-year reductions in services and in construction and public works, while in industry registered a more significant decrease in July, interrupting the previous upward path. The private consumption indicator presented a slightly less pronounced year-on-year reduction in July, due to the lower negative contribution of the durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator recorded also a less intense year-on-year decrease in July, reflecting the evolution of the construction and the transport material components, mainly the first. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 3.2% and 3.3% in July (6.1% and 2.9% in the previous month), respectively.
The 12-month average rate of the Consumer Price Index (CPI) was 1.0% in August (1.3% in July). The 12-month average rate of the Harmonized Index of Consumer Prices (HICP) decreased to 1.1% (1.4% in the previous month). In August, the differential between the Portuguese HICP and the EA HICP was -0.7 p.p. (-0.6 p.p. in July).