Monthly Economic Survey
Economic activity and economic climate indicators recover. Nominal imports accelerate and exports decelerate
- February 2014
19 March 2014
In February, 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 2.2% and 5.0% (-1.1% and
-1.3% in January), respectively.
In Portugal, the economic climate indicator maintained in February the upward movement observed since the beginning of 2013, attaining the maximum value since November 2010. The economic activity indicator increased again in January. Information from Short-Term Statistics revealed a less intense year on year reduction of economic activity in services and in construction and public works and a slight increase in industrial production, in January. The private consumption indicator slightly increased in January, reflecting the acceleration of durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator recorded a less intense decrease, due to the evolution in the same direction of all components. Concerning the international trade of goods, exports and imports registered year-on-year nominal change rates of 5.8% and 4.8% in January (6.6% and 3.1% in the previous month), respectively.
The year-on-year change rate of the Consumer Price Index (CPI) was -0.1% in February (0.1% in January), with rates of -0.8% in the goods component and 0.9% in the services component (less 0.4 percentage points and more 0.1 p.p. than in the previous month, respectively). The year on-year change rate of the Harmonized Consumer Price Index (HCPI) also shifted from 0.1% in January to -0.1% in February. The year on-year change rate of the Portuguese was 0.8 percentage points lower than the EA HICP in February (0.7 percentage points lower in the previous month).