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Monthly Economic Survey
Economic activity indicator stabilizes in July while the economic climate indicator, already available for August, decreases - August 2017
19 September 2017


In August, the consumer confidence and economic sentiment indicators increased in the Euro Area (EA). In the same month, prices of raw-materials and oil presented monthly growth rates of -0.5% and 4.0% (2.8% and 2.0% in July, respectively).
In Portugal, the economic activity indicator, available until July, stabilized, while the economic climate indicator, already available for August, decreased. The quantitative indicator of private consumption accelerated in July, reflecting a higher positive contribution of the durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator decelerated due to the slowdown of the transport material and machinery and equipment components. In nominal terms, the exports and imports of goods presented year-on-year growth rates of 9.0% and 13.4% in July, respectively (7.7% and 12.8% in June).
In July, the economic activity from the production perspective revealed a more intense growth, since the turnover indexes in industry and services, as well as the production indexes in industry and construction, accelerated when comparing to the same period of the previous year.
According to the provisional monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years) remained unchanged at 9.1% in July when comparing to the definitive value for June. This rate compares to 9.5% and 10.9% three months and one year ago, respectively. The employed population (15 to 74 years), also seasonally adjusted, increased by 2.7% when comparing with July 2016 (3.0% in June) and 0.3% comparing with the previous month (0.2% in June).
The year-on-year change rate of the monthly Consumer Price Index (CPI) was 1.1% in August (0.9% in July), with a 0.3% growth rate in the goods component (null in the previous month) and 2.4% in the services component (2.2% in July).

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