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Domestic Demand accelerates in January. Nominal goods exports and imports with negative evolution
Monthly Economic Survey
Domestic Demand accelerates in January. Nominal goods exports and imports with negative evolution - February 2015
18 March 2015


In February, the consumer confidence and the economic sentiment indicators increased in the Euro Area. In the same month, the raw materials and oil prices presented monthly change rates of -1.3% and 13.5%, respectively (4.5% and
-18.7% in January).
In Portugal, the economic climate indicator stabilized in February, after increasing tenuously in the previous month. The economic activity indicator decreased since July, although slightly in the last month. In January, the Short-Term Statistics revealed negative indications in industry, construction and public works and some sectors of services. The private consumption indicator presented a slightly more intense year-on-year growth rate in January, reflecting the acceleration of the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased, due to the reduction of the negative contribution of the construction component and, in a lesser extent, the tenuous increase of the machinery and equipment component positive contribution. The exports and imports of goods recorded year-on-year nominal change rates of 0.9% and -1.8% in January, respectively (4.8% and 2.5% in December). Without three months moving average, exports and imports decreased 1.8% and 10.2% in January (change rates of 5.0% and 2.5% in the previous month). The joint evolution of the international trade of goods and private consumption suggests that the economy Inventories level might have decreased.
Accordingly to the monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) shifted from 13.6% in December to 13.3% in January. The employed population (15 to 74 years old), seasonally adjusted, increased 0.5% comparing with previous month and 1.6% comparing with January 2014.
The year-on-year change rate of the Consumer Price Index (CPI) was -0.2% in February (-0.4% in December and January), with rates of -0.9% in the goods component (-1.3% in December) and 0.8% in the services component (0.9% in the two previous months).

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