In February, the consumer confidence and the economic sentiment indicators decreased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of 1.5% and 8.3%, respectively (0.1% and 3.3% in January).
In Portugal, the economic activity indicator, available until January, and the economic climate indicator, already available for February, increased. The quantitative indicator of private consumption slightly decelerated in January due to the lower positive contribution of the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased, reflecting the more intense positive contributions of all components, machinery and equipment, construction and transport material components. In nominal terms, exports and imports recorded year-on-year change rates of 0.9% and 12.5% in January, respectively (1.4% and 8.7% in December). Considering the economic activity from the production perspective, in nominal terms, there was stagnation in industry and a slowdown in services in January, and in real terms, a reduction of industry production index and a slowdown in the construction production index.
The provisional unemployment rate (15 to 74 years old), seasonally adjusted, was 6.7% in January, 0.1 percentage points above the definitive rate observed in December and in October 2018 and 1.1 percentage points below the January 2018 rate. The estimate for the employed population (15 to 74 years old), also seasonally adjusted, registered a year-on-year growth rate of 1.5% (identical rate in the two preceding months) and a 0.2% rate of change comparing with the previous month.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.9% in February (0.5% in January), with a 0.5% change rate in the goods component (-0.3% in the previous month) and 1.6% in the services component for the third consecutive month.