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Economic activity indicator decreases in February and economic climate indicator slightly increases in March
Monthly Economic Survey
Economic activity indicator decreases in February and economic climate indicator slightly increases in March - March 2019
17 April 2019

Summary

In March, the consumer confidence indicator increased and the economic sentiment indicator decreased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly rates of change of -0.4% and 3.9%, respectively (1.5% and 8.3% in February).
In Portugal, the economic activity indicator, available until February, decreased and the economic climate indicator, already available for March, slightly increased. The quantitative indicator of private consumption decelerated in February due to the less positive contribution of non-durable components. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased, reflecting the less intense positive contribution of the machinery and equipment component. In nominal terms, exports and imports recorded year-on-year rates of change of 5.2% and 11.9% in February, respectively (1.0% and 12.0% in January). Considering the economic activity from the production perspective, in nominal terms there was a growth in the industry and services accelerated. In real terms, the decrease in industry was less pronounced while the construction production index revealed a year-on-year growth similar to that of the previous month.
According to the monthly estimates of the Labour Force Survey, the unemployment rate (15 to 74 years old), seasonally adjusted, was 6.3% in February (0.3 percentage points below the definitive rate observed in January), which compares with rates of 6.7% and 7.6% three months and one year ago, respectively. The estimate for the employed population (15 to 74 years old), also seasonally adjusted, registered a year-on-year growth rate of 1.3% in February (less 0.2 percentage points than the rate of the three preceding months) and a 0.1% decrease when comparing with the previous month.
The year-on-year rate of change of the Consumer Price Index (CPI) was 0.8% in March (0.9% in February), with a 0.7% rate of change in the goods component (0.5% in the previous month) and 1.1% in the services component (1.6% in the previous month).


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