The short-term indicators for economic activity from the perspective of production, available for October, point to an acceleration in volume in industry and construction and a slowdown in nominal terms in services and industry, only slightly in the latter case. From the expenditure side, the economic activity accelerated in year-on-year terms between August and October, with the private consumption indicator accelerating, while the investment indicator registered a deceleration. The economic climate indicator, which summarizes the balances of responses to questions relating to business surveys, increased between September and November, reaching the maximum since March 2019.

The industrial production price index reached a year-on-year rate of change of 1.1% in November, accelerating from the increase of 0.1% in the previous month. The rate of change in the grouping of Energy was 4.7%, after being -4.4% in the preceding month. Excluding the energy component, the aggregate index registered a rate of change of 0.4% (1.1% in previous month), and the index for consumer goods recorded a null year-on-year growth rate in November (1.2% in October). 

The year-on-year rate of change in the Consumer Price Index (CPI) was 2.5% in November, a rate 0.2 percentage points (p.p.) higher than that observed in the previous month. The rate of change for energy products increased to 2.1% (-0.2% in October), being the main contribution for the CPI acceleration, and the estimated rate for unprocessed food was 2.0% (2.1% in the previous month). 

On the external side, the implicit prices of exports and imports of goods, in October, registered year-on-year rates of change of -0.8% in exports and -4.3% in imports, (-0.5% and -4.2%, respectively, in September).

In October, according to the provisional monthly Labour Force Survey, the unemployment rate (16 to 74 years old), seasonally adjusted, was 6.6%, same as in the previous month (6.7% in in October 2023). The labour underutilization rate (16 to 74 years old) stood at 10.8%, 0.1 percentage points less than in September (11.6% in October 2023).