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Economic activity indicator decreases in May and economic climate indicator increases in June
Monthly Economic Survey
Economic activity indicator decreases in May and economic climate indicator increases in June - June 2019
17 July 2019

Summary

In June, 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 rates of change of 2.5% and -10.8%, respectively (-3.0% and 0.6% in May).
In Portugal, the economic activity indicator, available until May, decreased whereas the economic climate indicator, already available for June, increased after having decreased in the previous month. The quantitative indicator of private consumption and the Gross Fixed Capital Formation (GFCF) indicator both decelerated in May. In nominal terms, exports and imports recorded year-on-year rates of change of 5.6% and 12.3% in May, respectively (4.5% and 11.2% in April). Considering the economic activity from the production perspective, in nominal terms, there was a year-on-year increase in industry, after the decrease registered last month, 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 May, the monthly estimate for the seasonally adjusted unemployment rate (15 to 74 years) was 6.6% (equal to the definitive rate observed in the last month), which compares with rates of 6.5% 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 0.8% (1.0% in April) and a 0.1% decrease comparing with the previous month.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.4% in May and June (0.8% in March and April), with a -0.3% rate of change in the goods component (unchanged in the previous month) and 1.5% in the services component (1.0% in the previous month). 


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