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Private consumption indicator accelerated and GFCF indicator decelerated in November
Monthly Economic Survey
Private consumption indicator accelerated and GFCF indicator decelerated in November - December 2015
20 January 2016


In December, the consumer confidence and the economic sentiment indicators recovered in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of -1.1% and -15.3%, respectively (-3.2% and -4.3% in November).
In Portugal, the economic climate indicator, available for December, diminished in the last three months. The economic activity indicator increased in November, after declining slightly in the two previous months. In November, the Short Term Statistics revealed an activity decrease in industry, construction and public works and in some sectors of services, more intense than in the two previous months in the latter two cases. The private consumption indicator presented a slightly more intense year-on-year growth rate in November, reflecting the behaviour of the durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator decelerated, due to the less intense positive contribution of the transport material component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of 1.1% and -1.2% in November, respectively (0.3% and -1.3% in October).
According to the provisional monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was stable between September and November at 12.4% (13.5% in November 2014). The employed population estimate (15 to 74 years old), seasonally adjusted, increased 1.2% comparing with November 2014 and presented a nil change rate comparing with previous month.
In 2015, the annual average rate of the Consumer Price Index (CPI) was 0.5% (-0.3% in 2014), reflecting the evolution of the core inflation and the unprocessed food products. The goods component shifted from a change rate of -1.1% in 2014 to -0.1% in 2015 and the services component presented an average change rate of 1.3% in 2015 (0.8 in the previous year). In 2015, the annual average rate of the Portuguese Harmonized Index of Consumer Prices (HICP) was 0.5 percentage points higher than the EA HICP average rate, while in 2014 this difference had the opposite sign (-0.6 percentage points).

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