Summary
In November, the economic sentiment and the consumer confidence indicators maintained the upward movement observed in the previous months in the Euro Area (EA) and in the European Union (EU27).
In Portugal, the economic climate indicator, available until November, stabilized, suspending the strong upward movement started in May, after recording the lowest value of the series in April. The economic activity indicator remained stable in October, interrupting the upward path observed in the two previous months. The private consumption indicator presented a slight increase, due to the less negative contribution of the durable consumption component, while the non-durable consumption component stabilized. In the same month, the GFCF indicator decreased more intensely, suspending the upward movement started in April, due to the more negative behaviour of the construction component. Concerning the external trade of goods, imports and exports recorded less negative year-on-year nominal change rates in October, although still significant, respectively
-17.4% and -14.3% (-19.6% and -17.6% in September).
In November, the year-on-year change rate of the Consumer Price Index was -0.6%, 0.9 p.p less negative than in October. The core inflation index stabilized in -0.4% (the minimum change rate of the series started in 1998). The CPI evolution reflected the less negative year-on-year change rate of the goods component, which shifted from -3.1% in October to -1.7% in November, while the variation of the services component remained unchanged (1.2% in October and November). The differential between the EA Harmonized Index of Consumer Prices (HICP) and the Portuguese HICP diminished 0.2 p.p. in November relatively to the previous month, to 1.3 p.p..