Monthly Economic Survey
The economic activity and the economic climate indicators decreased -
21 December 2016


In November, 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 3.4% and -7.8%, respectively (0.8% and 8.1% in October).
In Portugal, the economic activity indicator, available for October, and the economic climate indicator, already available for November, decreased. The quantitative indicator of private consumption presented a higher year-on-year growth rate in October, reflecting the behaviour of both components, durable and non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased due to the negative contribution of the transport material component and the less intense positive contribution of the machinery and equipment component. Concerning the international trade of goods, exports and imports recorded year on-year nominal change rates of 2.4% and 3.1% in October, respectively (1.8% and 1.1% in September). In October, the industry turnover index registered a positive change rate in nominal terms after presenting consecutive reductions since September 2015, with the industrial production index accelerating and the respective price index presenting a less intense reduction. The services turnover index accelerated in October while the construction and public works production index showed a less pronounced reduction.
According to the provisional monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was 10.8% in October (0.1 percentage points below the definitive rate observed in the three previous months and 1.6 percentage points below the rate observed one year earlier). The estimate for the employed population (15 to 74 years old), seasonally adjusted, showed an increase of 1.8% comparing with October 2015 and a nil change rate comparing with the previous month.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.6% in November (0.9% in October), with a change rate of 0.1% in the goods component (same rate as in September and October) and 1.3% in the services component (1.9% in the last month).

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