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Private consumption and investment recover again in October. Nominal exports and imports decelerate
Monthly Economic Survey
Private consumption and investment recover again in October. Nominal exports and imports decelerate - November 2013
18 December 2013

Summary
In October, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recovered. In the same month, the raw materials and oil prices presented monthly change rates of -1.3% and 0.6% (-0.1% and -4.3% in October), respectively.
In Portugal, the economic climate indicator maintained in November the upward movement observed since the beginning of the year, after attaining the minimum of the series in December 2012, recording the highest value since March 2011. The economic activity indicator accelerated in October, registering the maximum since April 2011. Information from Short-Term Statistics revealed a year-on-year growth of the industrial production and a reduction of the economic activity in services and in construction and public works. The private consumption indicator recovered in October, due to the more significant positive contribution of both components, durable and non-durable consumption. The Gross Fixed Capital Formation (GFCF) indicator recorded a slightly less intense year-on-year decrease, reflecting the evolution of the machinery and equipment component. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 4.6% and 1.2% in October (5.8% and 3.5% in the previous month), respectively.
The 12-month average rate of the Consumer Price Index (CPI) was 0.4% in November (0.6% in October). The 12-month average rate of the Harmonized Index of Consumer Prices (HICP) decreased to 0.6% (0.8% in the previous month). The differential between the Portuguese HICP and the EA HICP year-on-year change rates was -0.9 percentage points (p.p.) in November (-0.8 p.p. in the previous month).

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