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Economic activity and economic climate indicators recover again. Nominal exports and imports decelerate in March.
Monthly Economic Survey
Economic activity and economic climate indicators recover again. Nominal exports and imports decelerate in March. - April 2014
20 May 2014


In the Euro Area (EA), GDP in real terms registered a year-on-year change rate of 0.9% in the first quarter of 2014 (0.9% in the previous quarter). In April, the economic sentiment and the consumer confidence indicators for the EA recovered again. In the same month, the raw materials and oil prices presented monthly change rates of 1.2% and 0.3% (3.7% and -2.5% in March), respectively.
In Portugal, according to the flash estimate, GDP recorded a volume year-on-year growth rate of 1.2% in the first quarter, after registering a change rate of 1.5% in the fourth quarter of 2013. Comparing with the previous quarter, the GDP change rate was -0.7% in the first quarter (0.5% in the last quarter of 2013). The economic climate indicator slightly recovered in April, attaining the highest value since October 2010. The economic activity indicator increased again in March, reaching the maximum since August 2010. Information from Short-Term Statistics revealed a year-on-year reduction of economic activity in services, construction and public works and industry, in March. The private consumption indicator presented a higher year-on-year growth rate in March, reflecting the increase of the positive contribution of both components, specially the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator recorded a slightly stronger decrease, due to the lower positive contribution of the transport material component. Concerning the international trade of goods, exports and imports decelerated, recording year-on-year nominal change rates of 1.7% and 6.0% in March (5.2% and 7.5% in the previous month), respectively. Without three months moving averages, nominal exports presented a year-on-year reduction of 1.3% in March.
In the first quarter of 2014, the unemployment rate was 15.1% (15.3% in the previous quarter). Total employment and total employees recorded year-on-year change rates of 1.7% and 3.2% (0.7% and 1.9% in the previous quarter), respectively. Comparing with the same quarter of the previous year, the active population diminished 1.3% (-1.1% in the last quarter of 2013).
The year-on-year change rate of the Consumer Price Index (CPI) was -0.1% in April (-0.4% in March), with rates of
-1.0% for the goods component (-0.8% in the two previous months) and 1.0% for the services component (more 0.8 percentage points than in March). The Harmonized Consumer Price Index (HCPI) registered the same year-on-year change rate as the CPI between December and April, 0.8 percentage points lower than the EA HICP in the last month (0.9 percentage points lower in March).

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