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Economic activity and economic climate indicators diminish. In 2014, the change rate of CPI was negative mainly due to the evolution of the unprocessed food and energy products.
Monthly Economic Survey
Economic activity and economic climate indicators diminish. In 2014, the change rate of CPI was negative mainly due to the evolution of the unprocessed food and energy products. - December 2014
20 January 2015

Summary
In December, the consumer confidence and the economic sentiment indicators slightly increased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of -1.7% and -20.6%, respectively (1.2% and -7.7% in November).
In Portugal, the economic climate indicator, already available for December, decreased tenuously in the last two months, after stabilizing in the highest value since July 2008. The economic activity indicator decreased between September and November, more intensely in the last month 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 November, reflecting the deceleration of the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased, due to the positive contribution of the transport material and the machinery and equipment components, more intense in the first case. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of 4.2% and 3.6% in November, respectively (4.1% and 2.1% in the previous month). Without considering three months moving average, nominal exports of goods registered a year-on-year reduction of 0.4% in November (change rate of 9.1% in October).
Accordingly to the monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) increased from 13.6% in October to 13.9% in November. The employed population (15 to 74 years old), seasonally adjusted, diminished 0.1% comparing with previous month and registered a year-on-year growth rate of 0.7%.
In 2014, the annual average rate of the Consumer Price Index (CPI) was -0.3% (0.3% in 2013), mainly due to the negative contribution of the unprocessed food and energy products. The goods component shifted from a null average change rate in 2013 to -1.1% in 2014 and the services component presented an average change rate of 0.8% in 2014 (0.7 in the previous year). The difference of annual average rate of the Harmonized Index of Consumer Prices (HICP) was -0.6 percentage points in 2014 (-1.0 percentage points in the previous year) relatively to the EA HICP average rate.

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