Monthly Economic Survey
Economic activity and economic climate indicators diminish. Private consumption decelerates and Investment increases in October
- November 2014
18 December 2014
In November, the consumer confidence indicator diminished in the Euro Area (EA), while the economic sentiment indicator slightly increased. In the same month, the raw materials and oil prices presented monthly change rates of 1.2% and -7.7%, respectively (-1.1% and -8.3% in October).
In Portugal, the economic climate indicator, already available for November, decreased tenuously, after stabilizing in the highest value since July 2008. The economic activity indicator slightly decreased in October and the Short-Term Statistics revealed negative indications in industry, construction and public works and some sectors of services. The private consumption indicator presented a less intense year-on-year growth rate in October, mainly reflecting the deceleration of the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased significantly, due to the positive contribution of the transport material and the machinery and equipment components and the lower negative contribution of the construction component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of 4.1% and 2.0% in October (1.5% and 2.9% in the previous month), respectively.
Accordingly to the monthly release of Labour Force Survey estimates, the seasonally adjusted unemployment rate (15 to 74 years old) was 13.4% in October (13.3% in the previous month). The employed population (15 to 74 years old), seasonally adjusted, stabilized comparing with previous month and registered a year-on-year growth rate of 1.6%.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.0% in October and November (-0.4% in August and September). In November, the goods and the services components changes rate stabilized in -0.7% and 1.0%, respectively. The Harmonized Consumer Price Index (HCPI) was 0.2 percentage points lower than the EA HICP in November (0.3 p.p. lower in September and October).