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Economic activity indicator decreases and economic climate indicator stabilizes
Monthly Economic Survey
Economic activity indicator decreases and economic climate indicator stabilizes - January 2018
19 February 2018


In the Euro Area (EA), Gross Domestic Product (GDP) in real terms registered a year-on-year growth rate of 2.7% in the fourth quarter (2.8% in the previous quarter). In January, the consumer confidence and the economic sentiment indicators increased in the EA. In the same month, the raw materials and oil prices presented monthly change rates of 3.8% and 4.1%, respectively (-1.0% and 1.8% in December).
In Portugal, GDP recorded a volume year-on-year change rate of 2.4% in the fourth quarter (2.5% in the third quarter). Comparing with the previous quarter, GDP change rate was 0.7% (0.5% in the third quarter). The economic activity indicator, available until December, decreased and the economic climate indicator, already available for January, stabilized. The quantitative indicator of private consumption decelerated in December due to the contribution of both components, durable and non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased, resuming the downward movement observed since June. The behaviour of the indicator in the last month reflected the less intense positive contributions of the machinery and equipment and construction components, while the transport material component presented a negative contribution. In nominal terms, exports and imports recorded year-on-year change rates of 8.3% and 10.0% in December, respectively (10.0% and 13.3% in November). In December, and considering the economic activity from the production perspective, there was a deceleration of the turnover indexes in both industry and services, as well as in the production index in industry, while the production index in construction increased.
In the fourth quarter of 2017, the unemployment rate was 8.1%, 0.4 percentage points below the rate recorded in the previous quarter (10.5% in the same quarter of 2016). Total employment recorded a year-on-year change rate of 3.5% (3.0% in the third quarter), while the active population increased 0.8%, 0.1 percentage point higher than in the previous quarter.
The year-on-year change rate of the Consumer Price Index (CPI) was 1.0% in January (1.5% in December), with a change rate of 0.3% in the goods component (1.0% in the previous month) and 2.1% in the services component (same rate as the previous month).

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