In August, the consumer confidence indicator and the economic sentiment indicator decreased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of -2.1% and -1.3%, respectively (-5.5% and -0.3% in July).
In Portugal, the economic activity indicator, available until July, and the economic climate indicator, already available for August, stabilized. The quantitative indicator of private consumption decreased in July, due to the less intense positive contribution of both the non-durable and durable consumption components. In the same month, the Gross Fixed Capital Formation (GFCF) indicator accelerated, reflecting the more intense positive contribution of the construction component while the contribution of the transport material component moved from negative in June to nil in July.
In nominal terms, exports and imports recorded year-on-year change rates of 9.4% and 8.7% in July, respectively (10.7% and 9.2% in June). Considering the economic activity from the production perspective, the industry turnover and the construction production indexes decelerated in July, while the production index in industry decreased. The turnover index in services accelerated in July.
According to the monthly provisional estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years) stabilized in 6.8% in July, which compares with 7.1% in April and 8.9% one year ago. Seasonally adjusted total employment (15 to 74 years) registered a year-on-year growth rate of 2.1% (2.8% in June) and a monthly decrease of 0.2% (0.4% increase in the last month).
The year-on-year change rate of the Consumer Price Index (CPI) was 1.2% in August (1.6% in July), with a 1.0% change rate in the goods component (1.1% in the previous month) and 1.6% in the services component (2.3% in the previous month).