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

Summary

In May, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recovered again, intensely in the second case. In the same month, the raw materials and oil prices presented monthly change rates of
-0.2% and 2.3% (1.2% and 0.3% in April), respectively.
In Portugal, the economic climate indicator recovered again in May, attaining the highest value since September 2010. The economic activity indicator increased in April. Information from Short-Term Statistics revealed a year-on-year reduction of economic activity in services, construction and public works and industry, in April. The private consumption indicator presented a higher year-on-year growth rate in April, specially reflecting the increase of the positive contribution of the durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator recorded a less intense decrease, mainly due to the higher positive contribution of the transport material component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of -0.8% and -0.1% in April (1.5% and 5.5% in the previous month), respectively.
The year-on-year change rate of the Consumer Price Index (CPI) was -0.4% in May (-0.1% in April), with rates of
-1.2% for the goods component (-1.0% in the previous month) and 0.7% for the services component (less 0.3 percentage points than in April). The Harmonized Consumer Price Index (HCPI) was 0.8 percentage points lower than the EA HICP in April and May (0.9 percentage points lower in March).


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