Official Portal - Statistics Portugal

Economic activity maintains recovery trajectory
Monthly Economic Survey
Economic activity maintains recovery trajectory - June 2021
19 July 2021


The latest quantitative information  available for May and June  reveals strong year-on-year rates of change, but less intense in the last month. With the exceptions of retail trade and construction, the short-term indicators have not yet reached in May the levels of the same period of 2019. In the case of tourism activity, the gap is still significative. Similarly, in the case of exports of goods in nominal terms, the level recorded in May was lower than in the same period of 2019. The synthesis quantitative indicators (economic activity, private consumption and investment) presented, in May 2021, significant increases, although less intense than in April, partially reflecting the fact that May compares with a month in the previous year where the restrictions imposed on economic activity due to the pandemic had already been relieved. In June, the economic climate indicator increased slightly, exceeding in the last two months the level observed at the beginning of the pandemic (March 2020). 

According to the provisional monthly Labour Force Survey, the unemployment rate (16 to 74 years old), seasonally adjusted, was 7.2% in May, 0.2 percentage points more than in the previous month (6.8% in February and 6.0% in May 2020). The labour underutilization rate (16 to 74 years old) stood at 12.8%, (12.9% in April and 14.9% in the same period of 2020).

The Consumer Price Index (CPI) year-on-year rate of change was 0.5% in June 2021 (1.2% in May). The manufacturing price index recorded in June a year-on-year rate of change of 7.3% (6.3% in the previous month). Excluding the energy component, this index increased 5.3% in June (4.2% in May).

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