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Monthly Economic Survey
Economic activity indicator stabilized in June and economic climate indicator, already available for July, increased - July 2017
18 August 2017

Summary

In the Euro Area (EA), real GDP presented a year-on-year growth rate of 2.2% for the second quarter of 2017 (1.9% in the previous quarter). Between May and July, the consumer confidence and economic sentiment indicators increased in the Euro Area. In July, the price of raw materials and oil presented growth rates of 2.8% and 2.0%, respectively, when comparing to the previous month (-1.2% and -9.3% in June).
In Portugal, according to the flash estimate, GDP presented, in volume, a year-on-year growth rate of 2.8% in the second quarter of 2017 (the same as in the previous quarter), while the quarter-on-quarter growth rate was 0.2% (1.0% in the first quarter). The economic activity indicator stabilized in June, after having increased in the preceding months. The economic climate indicator increased between January and July, being at the maximum value since June 2002. The quantitative indicator of private consumption accelerated in June reflecting, in this last month, the stronger positive contribution of the non-durable consumption component. For the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased, in result of a less intense positive contribution of both the Transportation Material, and Machinery and Equipment components.
In nominal terms, exports and imports of goods presented year-on-year growth rates of 7.5% and 13.3% in June, respectively (13.3% and 16.3% in May). Considering the economic activity from the production perspective, the turnover indexes of both industry and services decelerated in June. In the same month, the index of production in construction accelerated.
For the second quarter of 2017, the unemployment rate was 8.8%, which compares to 10.1% in the previous quarter and 10.8% in the same quarter last year. Employment increased by 3.4% year-on-year (3.2% in the first quarter of 2017) and active population increased by 1.2% (0.6% in the previous quarter).
The Consumer Price Index (CPI) presented a year-on-year growth rate of 0.9% in July (unchanged when comparing to June), with a null variation in the goods component (-0.1% in the previous month) and a 2.2% growth in the services component (2.4% in June).


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