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Consumer and producer Prices decelerate in July. Gross Domestic Product in volume increased by 1.5% in the second quarter
Monthly Economic Survey
Consumer and producer Prices decelerate in July. Gross Domestic Product in volume increased by 1.5% in the second quarter - July 2024
20 August 2024

Summary

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 0.3%. 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 June, point to a decrease in industry in volume terms, an acceleration in volume in construction and in nominal terms in services and to a nominal increase in industry. From the expenditure side, the economic activity decelerated in May and June compared with one year before, while the Gross Fixed Capital Formation and private consumption indicators accelerated. The economic climate indicator, which summarizes the balances of responses to questions relating to business surveys, decreased in June and July, after having increased in May.

The industrial production price index presented a year-on-year rate of change of 1.9% in July, decelerating from the rate observed in the previous month (2.1%). The rate of change in the grouping of Energy decelerated to 2.9%, after being 8.3% in the preceding month. Excluding the energy component, the aggregate index registered a rate of change of 1.7% (0.9% in previous month), and the index for consumer goods recorded a year-on-year growth rate of 3.1% in July (3.2% in June).

The year-on-year rate of change in the Consumer Price Index (CPI) stood at 2.5% in July, 0.3 percentage points (p.p.) less than in the previous month. The year-on-year rate of change of the index for energy products was 4.2% (9.4% in the previous month), and the rate for unprocessed food accelerated from 1.8% in June to 2.8%. On the external side, the implicit prices of exports and imports of goods, in June, registered year-on-year rates of change of -0.1% and -2.7%, respectively (0.0% and -2.0% in May).

According to the Labour Force Survey, in the second quarter of 2024, the unemployment rate stood at 6.1%, 0.7 percentage points less than the rate observed in the previous quarter. Total employment increased by 0.8% compared to the previous quarter and 1.0% in year-on-year terms. In the same quarter, gross monthly earnings by employee increased 6.4% when compared to the second quarter of 2023. In real terms, considering the Consumer Price Index, the total gross earnings increased by 3.6%. 


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