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Stronger reduction in economic activity and price variations remain negative
Monthly Economic Survey
Stronger reduction in economic activity and price variations remain negative - November 2020
21 December 2020


In November, the Euro Area (AE) economic sentiment indicator declined for the first time since April, when the effects of the first wave of the pandemic led to an abrupt reduction. Consumer confidence indicator in AE decreased in October and November. The prices of raw materials and oil presented rates of +5.8% and +5.7% compared with the previous month, respectively (-1.5% and -1.6% in October).
In Portugal, not considering three-months moving average (see next section), the information available for November reveals an interruption in the partial recovery in economic activity observed since may, with a slower pace in September and October. Consumer confidence and economic climate indicators decreased in November. Confidence indicators decreased in all sectors, Construction and Public Works, Trade, Services and Manufacturing Industry, more pronouncedly in the first case.
The overall amount of national withdrawals, payment of services and purchases at automatic payment terminals carried out on the automatic teller machines of the Multibanco network decreased by 11.8% in November, after a year-on-year rate of change of -6.3% in October. The information regarding motor vehicles sales registered rates of change 27.9% for passenger cars, -1.4% for light commercial vehicles and +16.7% for heavy-duty vehicles (-12.6%, -15.1% and -15.0% in October, respectively).
According to the monthly estimates of the Employment Survey, the seasonally adjusted unemployment rate (15 to 74 years old) stood at 7.5% in October, 0.4 percentage points less than the definitive rate registered in September (7.9% in July 2020 and 6.5% in October 2019). The rate of underutilization of labour stood at 15.0%, 0.4 percentage points less than in the previous month (12.5% in the same period of 2019). The estimate of the employed population (15 to 74 years old), also seasonally adjusted, decreased by 2.1% in year-on-year terms (-2.5% in September), but increased by 0.3% compared to the previous month.
The Consumer Price Index (CPI) year-on-year rate of change was -0.2% in November, a 0.1 percentage points lower rate than that recorded in the previous month, with the goods component registering a year-on-year rate of change of -0.4% (-0.3% in the previous two months), while the services component grew by 0.1% (0.2% in October).
In November, the manufacturing price index for manufacturing industry presented a year-on-year rate of change of -5.2% (-4.6% in the previous month). Excluding the energy component, this index has also been registering negative year on year rates of change since September 2019, standing at -0.8% in November (-1.1% in the previous month).

Despite the circumstances determined by the pandemic COVID-19, Statistics Portugal calls for the best collaboration by companies, families and public entities in responding to Statistics Portugal’s data requests. The quality of official statistics, particularly its ability to identify the impacts of the pandemic COVID-19, crucially depends on this collaboration, which Statistics Portugal thanks in advance.

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