In the Euro Area (EA), Gross Domestic Product (GDP) in volume increased 0.1% in year-on-year terms in the third quarter of 2023 (0.5% in the second quarter) and decreased 0.1% when compared with the previous quarter (rate of change of 0.2% in the second quarter). In Portugal, real GDP increased by 1.9% in year-on-year terms in the third quarter of 2023 (2.6% in the previous quarter). Compared with the second quarter, there was a real 0.2% decrease (rate of change of 0.1% in the previous quarter).
The industrial production price index registered a year-on-year rate of change of -5.0% in October (after -5.5% in August and -5,2% in September), presenting a negative rate of change for the seventh consecutive month. The grouping of Energy continued to be decisive for the reduction of the total index, with rates of change of -19.9%, -15.6% and -14.8%, between August and October. Excluding the energy component, this index decreased by 1.9% in year on-year terms in the last two months, reaching the minimum since September 2014. The index for consumer goods recorded a year-on-year growth rate of 2.8% (3.5% in the previous month), extending the deceleration profile that began in December, 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) was 2.1% in October, 1.5 percentage points lower than in the previous month. The year-on-year rate of change of energy products index stood at -12.1% (-4.1% in the previous month) and the index for unprocessed food products decelerated to 4.0% (growth of 6.0% in September). On the external side, the implicit prices of exports and imports of goods, in September, registered year-on-year rates of change of -4.3% and -6.9%, respectively (-6.0% and -14.2% in August. Excluding fuels and lubricants there were decreases of 1.6% in exports and 4.3% in imports (-1.2% and -4.1%, respectively, in August).
The short-term indicators for economic activity from the perspective of production, available for September, point out, in year-on-year terms, to a slowdown in volume in construction and in nominal terms in services, and to declines in industry. From an expenditure perspective, the economic activity indicator increased in September, while the private consumption indicator accelerated, and the Gross Fixed Capital Formation indicator decreased. The economic climate indicator, which summarizes the balances of responses to questions relating to business surveys, decreased between July and October.
According to the Labour Force Survey, in the third quarter of 2023, the unemployment rate stood at 6.1%, the same value as in the previous quarter. The number of unemployed increased by 4.4% in year-on-year terms (year-on-year rate of change of 6.1% in the previous quarter). Total employment increased by 0.5% compared to the previous quarter and 2.2% in year-on-year terms (year-on-year rate of change of 2.8% in the second quarter).
