In the Euro Area (EA), Gross Domestic Product (GDP) in volume recorded a year-on-year increase of 1.9% in the fourth quarter of 2022 (2.3% in the third quarter) and a quarter-on-quarter rate of change of 0.1% (0.3% in the third quarter). In 2022, GDP recorded an annual growth rate of 3.6% in the EA, after increasing by 5.3% in 2021 (reduction of 6.1% in 2020).
In Portugal, GDP in real terms registered a year-on-year rate of change of 3.1% in the fourth quarter of 2022 (4.9% in the previous quarter). Compared to the third quarter of 2022, GDP increased by 0.2% in volume (0.4% in the previous quarter). In 2022, GDP grew by 6.7%, in volume, the highest growth since 1987, after the increase of 5.5% in 2021, that followed the historical decline of 8.3% in 2020, which resulted from the adverse effects of the COVID-19 pandemic on economic activity.
The manufacturing industry producer price index decelerated in January for the sixth consecutive month, recording a year-on-year rate of change of 16.3% (17.7% in the previous month). Excluding the energy component, this index increased by 11.8% year-on-year (13.1% in December). The index for consumer goods recorded a year-on-year change of 15.6% (16.0% in the previous month), after reaching in November the highest growth of the current series (16.2%). The year-on-year rate of change in the Consumer Price Index (CPI) decelerated to 8.4% in January, 1.2 percentage points less than in the previous month.
The short-term indicators, available for December, reveal a deceleration in nominal terms in industry and an acceleration in services and real increases in industry and construction. From the expenditure side, the private consumption and investment indicators increased in December and the economic activity indicator presented a less intense reduction.
According to the Labour Force Survey, in the fourth quarter of 2022, the unemployment rate stood at 6.5%, 0.7 percentage points above the rate observed in the previous quarter (6.3% in the same period in 2021). The number of unemployed increased by 3.7% in year-on-year terms (decrease of 4.3% in the third quarter). The labour underutilization rate reached 11.7% and 633.1 thousand people (603.1 thousand people in the previous quarter). Total employment grew 0.5% year-on-year, however, it decreased 0.5% compared to the previous quarter (year-on-year rate of change of 1.0% in the third quarter).
In 2022, the average total and regular earnings per employee increased, respectively, by 3.6% and 3.1% and, deflated by the CPI, decreased by 4.0% and 4.4%, in the same order.