Monthly Economic Survey
Economic activity indicator increases and economic climate indicator decreases - November 2018
19 December 2018

Summary

In November, the consumer confidence and the economic sentiment indicators decreased in the Euro Area (EA). The prices of raw-materials and oil presented monthly growth rates of -2.0% and -19.3%, respectively (1.6% and 4.3% in October).
In Portugal, the economic activity indicator, available until October, increased and the economic climate indicator, already available for November, decreased. The quantitative indicator of private consumption decelerated in October, reflecting a less intense positive contribution of both components, durable and non-durable consumption. The Gross Fixed Capital Formation (GFCF) indicator also decelerated in October, due to the less intense positive contribution of all components (construction, transport material and machinery and equipment). In nominal terms, the exports and imports of goods presented year-on-year growth rates of 3.1% and 4.5% in October, respectively (6.0% and 7.2% in September). In October, considering the economic activity from the production perspective there was, in nominal terms, a deceleration of the industry and services turnover indexes, while in real terms it was observed a less intense year-on-year decrease of the industrial production and an acceleration of the production in construction indexes.
According to the provisional monthly estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was 6.7% in October, 0.1 p.p. above the definitive rate of the previous month (6.8% in July and 8.4% in October 2017). 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 1.7% (2.1% in September) and a decrease of 0.1% comparing with the previous month.
The year-on-year change rate of the monthly Consumer Price Index (CPI) was 0.9% in November (1.0% in October), with a 0.4% growth rate in the goods component (0.8% in the previous month) and a 1.5% variation in the services component (1.3% in October).


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