In the Euro Area (EA), Gross Domestic Product (GDP) in volume recorded a year-on-year increase of 0.6% in the second quarter of 2024 (0.5% in the first quarter) and a quarter-on-quarter rate of change of 0.2% (0.3% in the previous quarter). In Portugal, GDP in volume presented a year-on-year rate of change of 1.5% in the second quarter of 2024 (identical rate of change in the first quarter). Comparing with the previous quarter, there was a 0.1% rate of change (growth of 0.8% in the previous quarter).

The short-term indicators for economic activity from the perspective of production, available for July, to decreases in industry, an acceleration in real terms in construction and in nominal terms in services. From the expenditure side, the economic activity, Gross Fixed Capital Formation and private consumption indicators decelerated. The economic climate indicator, which summarizes the balances of responses to questions relating to business surveys, stabilized in August, after having decreased in June and July.

The industrial production price index reached a year-on-year rate of change of 2.0% in August, accelerating from the increase of 1.9% in the previous month. The rate of change in the grouping of Energy diminished to 1.5%, after being 3.0% in the preceding month. Excluding the energy component, the aggregate index registered a rate of change of 2.0% (1.7% in previous month), and the index for consumer goods recorded a year-on-year growth rate of 3.2% in August (3.1% in July).

The year-on-year rate of change in the Consumer Price Index (CPI) stood at 1.9% in August, 0.6 percentage points (p.p.) less than in the previous month. The year-on-year rate of change of the index for energy products was -1.5% (4.2% in the previous month), and the rate for unprocessed food moved from 2.8% in July to 0.8% in August. On the external side, the implicit prices of exports and imports of goods, in July, registered year-on-year rates of change of 0.5% and -2.1%, respectively (-0.3% and -2.8% in June).

According to the provisional monthly Labour Force Survey, the unemployment rate (16 to 74 years old), seasonally adjusted, was 6.2% in July, 0.2 percentage points less than in the previous month (6.4% in April and 6.2% in July 2023). The labour underutilization rate (16 to 74 years old) stood at 10.9%, 0.1 percentage points below the value recorded in June (11.0% in April and 11.5% in the same period of the previous year).

The employed population (16 to 74 years old), seasonally adjusted, increased by 0.5% in year-on-year terms and decreased 0.1% compared with the previous month (year-on-year rate of change of 0.8% in June).