In the Euro Area (EA), GDP in real terms registered a year-on-year change rate of 1.6% in the second quarter of 2016 (1.7% in the previous quarter). The consumer confidence and the economic sentiment indicators for the EA recovered between May and July. In the last month, the raw materials and oil prices presented monthly change rates of -1.5% and -5.5%, respectively (3.0% and 4.0% in June).
In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 0.8% in the second quarter of 2016 (0.9% in the first quarter). Comparing with the previous quarter, GDP change rate was 0.2% in the second quarter of 2016 (0.2% in the two previous quarters). The economic activity indicator decreased between April and June, after stabilizing in the two previous months. The economic climate indicator increased in July, after stabilizing in the previous month. The quantitative indicator of private consumption increased less intensely in May and June, reflecting the slowdown of the durable component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased, due to a less intense negative contribution of the construction component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of -1.9% and -3.7% in June, respectively (-2.5% and -3.6% in May). Considering the economic activity from the production perspective, in the case of industry, the turnover index registered negative change rates in nominal terms in the last months, which may mainly reflect price reductions, since the industrial production index accelerated in June and the respective price index maintained a negative change rate. The services turnover index presented a less intense decrease in nominal terms in June. In the same month, the construction and public works production index showed a less pronounced negative change rate.
In the second quarter of 2016, the unemployment rate was 10.8%, which compares with 12.4% in the previous quarter and 11.9% in the second quarter of 2015. Total employment recorded a year-on-year change rate of 0.5% (0.8% in the first quarter of 2016) and the active population diminished 0.8% (change rate of -0.7% in the previous quarter).
The year-on-year change rate of the Consumer Price Index (CPI) was 0.6% in July (0.5% in June), with a change rate of 0.1% in the goods component (-0.1% in the previous month) and 1.3% in the services component (1.5% in June).