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Economic activity and economic climate indicators decrease
Monthly Economic Survey
Economic activity and economic climate indicators decrease - May 2019
24 June 2019

Summary

In May, 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 -3.0% and 0.6%, respectively (-0.4% and 8.4% in April).
In Portugal, the economic activity indicator, available until April, and the economic climate indicator, already available for May, decreased. The quantitative indicator of private consumption decelerated in April, due to the less intense positive contribution of both components, non-durable and durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator accelerated, reflecting the more intense positive contribution of the machinery and equipment and the transport material components. In nominal terms, exports and imports recorded year-on-year rates of change of 4.4% and 11.3% in April, respectively (4.8% and 12.6% in March). Considering the economic activity from the production perspective and in nominal terms, there was a year-on-year decrease in industry and a slowdown in services. In real terms, it was observed a less intense reduction of the industry production index, while the construction production index registered a more pronounced growth.
In April, the monthly estimate for the seasonally adjusted unemployment rate (15 to 74 years) was 6.7%, (0.2 percentage points above the definitive rate observed in the last month), which compares with rates of 6.6% and 7.1% 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 0.7% (1.2% in March) and a 0.2% decrease comparing with the previous month.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.4% in May (0.8% in April). This deceleration reflected mainly the changes in the prices of Transports, Restaurants and hotels and Communications. The goods component presented a nil rate of change (0.1% in the previous month) and the services component showed a 1.0% increase (1.8% in the previous month).

 


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