Monthly Economic Survey
Economic activity improved in March. Net External Demand of goods in nominal terms recovered
- April 2015
20 May 2015
In the Euro Area (EA), GDP in real terms registered a year-on-year change rate of 1.0% in the first quarter of 2015 (0.9% in the previous quarter). In April, the consumer confidence and the economic sentiment indicators increased in the EA. In the same month, the raw materials and oil prices presented monthly change rates of -0.2% and 7.1%, respectively ( 2.6% and 0.7% in March).
In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 1.4% in the first quarter of 2015 (0.6% in the previous quarter). Comparing with the previous quarter, the GDP change rate was 0.4% in the first quarter of 2015 (similar change rate as in the previous quarter). The economic activity indicator recovered in March and the economic climate indicator, already available for April, also increased. In March, the Short-Term Statistics point to an improvement in the economic activity in industry, construction and public works and some sectors of services. The private consumption indicator presented a more intense year-on-year growth rate in March, reflecting the acceleration of the durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased significantly, due to the evolution of all components, mainly the transport material component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of 4.0% and -1.4% in March, respectively (1.7% and -4.0% in February).
In the first quarter of 2015, the unemployment rate was 13.7%, which compares with 13.5% in the previous quarter and 15.1% in the first quarter of 2014. Total employment recorded a year-on-year change rate of 1.1% (0.5% in the fourth quarter of 2014) and the active population diminished 0.5% (-1.6% in the previous quarter).
The year-on-year change rate of the Consumer Price Index (CPI) was 0.4% in April (0.3% in March), with a change rate of 0.0% in the goods component (-0.5% in the previous month) and 1.0% in the services component (1.5% in March).