In November, the consumer confidence and the economic sentiment indicators increased in the Euro Area. In the same month, prices of raw-materials and oil presented monthly growth rates of -0.2% and 9.2%, respectively (0.5% and 3.8% in October).
In Portugal, both the economic activity indicator, available until October, and the economic climate indicator, already available for November, stabilized. The quantitative indicator of private consumption decreased in October, reflecting a less positive contribution of both components, durable and non-durable consumption. The Gross Fixed Capital Formation (GFCF) indicator decelerated in October, following the behaviour of the four previous months, due to a less positive contribution of the transport material and construction components. In nominal terms, the exports and imports of goods presented year-on-year growth rates of 10.2% and 14.1% in October, respectively (7.5% and 11.3% in September).
In October, considering the economic activity from the production perspective, there was a deceleration of the services turnover and the industrial production indexes, while the production in construction and the turnover in industry accelerated.
According to the provisional monthly estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was 8.5% in October, remaining unchanged from the definitive rate of the previous month (8.9% three months ago and 10.6% in October 2016). In the same month, the estimate for employed population (15 to 74 years old), also seasonally adjusted, registered a year-on-year growth rate of 2.8% (3.2% in September) and a decrease of -0.1% comparing with the previous month (0.1% increase in the preceding month).
The year-on-year change rate of the monthly Consumer Price Index (CPI) was 1.5% in November (1.4% in the previous month), with a 1.3% growth rate in the goods component (0.6% in the previous month) and a 1.9% change rate in the services component (2.5% in October).