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Economic activity indicator and economic climate indicator stabilize
Monthly Economic Survey
Economic activity indicator and economic climate indicator stabilize - September 2017
19 October 2017


In September, the consumer confidence indicator stabilized and the economic sentiment indicator increased in the Euro Area (EA). In the same month, prices of raw-materials and oil presented monthly growth rates of 1.7% and 7.6% (-0.5% and 4.0% in August, respectively).
In Portugal, both the economic activity indicator, available until August, and the economic climate indicator, already available for September, stabilized. The quantitative indicator of private consumption decelerated in August, reflecting a less intense positive contribution of both the durable and non-durable consumption components. The Gross Fixed Capital Formation (GFCF) indicator has been decelerating since June. In August, this behaviour was due to a less intense positive contribution of all components, machinery and equipment, transportation material and construction. In nominal terms, the exports and imports of goods presented year-on-year growth rates of 8.0% and 10.8% in August, respectively (9.0% and 13.7% in July).
In August, considering the economic activity from the production perspective, there was an acceleration in real terms, with production indexes in industry and construction accelerating when comparing to the same period of the previous year. In nominal terms, the turnover indexes in industry and services decelerated.
According to the provisional monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years) remained unchanged in August (at 8.9%) when comparing to the definitive value for July. This rate compares to 9.2% and 10.9% three months and one year earlier, respectively. The employed population (15 to 74 years), also seasonally adjusted, increased by 2.7% (3.0% in July) and presented a monthly change rate of -0.1% (increase of 0.5% in the previous month).
The year-on-year change rate of the monthly Consumer Price Index (CPI) was 1.4% in September (1.1% in August), with a 0.6% growth rate in the goods component (0.3% in the previous month) and 2.5% in the services component (2.4% in August).

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