Summary
In November, the consumer confidence indicator increased in the Euro Area (EA) and in the European Union (EU27), maintaining the previous upward paths. In the same month, the raw materials and the oil prices continued to register strong year-on-year growth rates.
In Portugal, the economic climate indicator, available until November, decreased in the last two months, after stabilizing in the highest value since September 2008. The economic activity indicator diminished in September and October, interrupting the upward path observed since August 2009. In October, the private consumption indicator maintained the downward movement of the four previous months, led by the negative contribution of the durable consumption component. The GFCF indicator presented a slightly stronger reduction in October, driven by the negative evolution of the construction and the transport material components. Concerning the international trade of goods, imports and exports recorded year-on-year nominal growth rates of 7.1% and 15.4% in October (4.5% and 14.9% in September), respectively. However, in monthly values, without three months moving averages, the exports shifted from a year-on-year change rate of 14.6% in September to 10.3% in October.
In November, the year-on-year change rate of the Consumer Price Index (CPI) stabilized in 2.3%. Excluding energy and unprocessed food products, the year-on-year change rate was 1.1%, 0.2 p.p. more than in October. In November, the prices of the goods and of the services components presented year-on-year growth rates of 3.0% and 1.2% (3.2% and 1.1% in October), respectively. The differential between the Portuguese Harmonized Index of Consumer Prices (HICP) and the EA HICP decreased 0.1 p.p. in November, to 0.3 p.p..