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Economic activity indicator increases slightly in August and economic climate indicator, available until September, decreases
Monthly Economic Survey
Economic activity indicator increases slightly in August and economic climate indicator, available until September, decreases - September 2019
17 October 2019

Summary

In September, 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 0.7% and 7.6%, respectively (-2.2% and -6.9% in August).
In Portugal, the economic activity indicator, available until August, increased slightly and the economic climate indicator, already available for September, decreased. The quantitative indicator of private consumption decelerated in August, reflecting the less intense positive contribution of the non-durable consumption component, while durable consumption presented a null contribution. In the same month, the Gross Fixed Capital Formation (GFCF) indicator accelerated, reflecting the positive contribution of the construction component and the less negative contribution of the transport material component, while the machinery and equipment component presented a more intense negative contribution.
In nominal terms, exports and imports recorded year-on-year rates of change of -3.6% and 0.6% in August, respectively (0.4% and 6.3% in July). Considering the economic activity from the production perspective, there was a decrease in industry, as well as a deceleration in nominal terms in services and in real terms in construction.
According to the monthly provisional estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years) was 6.2% in August (0.2 percentages points below the definite rate of the previous month), which compares with 6.6% and 7.0% three months and one year ago. Seasonally adjusted total employment (15 to 74 years) registered a year-on-year growth rate of 1.1% (0.7% in July) and a monthly increase of 0.4%.
The year-on-year change rate of the Consumer Price Index (CPI) was -0.1% in September (same rate observed in the previous month), with a -0.7% rate of change in the goods component (identical in the previous month) and 0.8% in the services component in August and September.


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