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Economic activity and economic climate indicators increase
Monthly Economic Survey
Economic activity and economic climate indicators increase - June 2017
19 July 2017


In June, the indicators of consumer confidence and economic sentiment increased in the Euro Area (EA). In the same month, the prices of raw materials and oil presented monthly change rates of -1.2% and -9.3%, respectively (0.5% and -6.7% in May).
In Portugal, the economic activity indicator increased between March and May, after having stabilized in February, sustaining the ascending trajectory that began in August 2016. The economic climate indicator increased between January and June, reaching the highest value since June 2002. The quantitative indicator of private consumption increased in May, prolonging the upward movement of the previous month and reflecting the higher positive contribution of non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator accelerated, extending the marked ascending path initiated in June 2016, driven by a positive contribution of all components (transport material, machinery and equipment, and, especially, construction). In nominal terms, exports and imports presented year-on-year growth rates of 13.2% and 16.5% in May, respectively (11.0% and 12.3% in April). Considering the economic activity from the production perspective, it was observed, in May, a year-on-year acceleration of the industry and services turnover indexes, an increase in industrial production and a deceleration in the construction and public works production index.
The seasonally adjusted unemployment rate (ages 15 to 74) was 9.4% in May, 0.1p.p below the definitive value for the previous month (rates of 9.9% in February and 11.2% in May 2016). The seasonally adjusted estimation of the employed population (ages 15 to 74), presented a year-on-year growth rate of 3.0%, decelerating from the previous month (rate of 3.3%), and a monthly reduction of 0.1% (growth of 0.3% in April).
The Consumer Price Index (CPI) presented a year-on-year growth rate of 0.9% in June (1.5% in May), with a change rate of -0.1% in the goods component (1.0% in the previous month) and 2.4% in the services component (2.1% in May).

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