2022 Edition 42 MONTHLY STATISTICAL BULLETIN The Euro Area consumer confidence indicator registered the lowest value of the series. The price increase cycle continues, with increasing losses in Portugal's terms of trade External environment In July 2022, in the Euro Area: • The economic sentiment indicator registered a more intense reduction than in the previous three months; • The consumer confidence indicator decreased to the lowest value of the series (which started in 1985); • Confidence levels worsened in all sectors of activity, industry, retail trade, services, and, to a lesser extent, construction. Economic activity In July 2022, the economic climate indicator increased, after having decreased in the two previous months. The economic activity indicator decelerated between March and June. In June 2022, short-term indicators from the production perspective: • They continued to point to high growth in nominal terms; • They accelerated slightly compared to the previous month in industry; • They decelerated in services; • They have accelerated, in real terms: » In construction; » In industry. Also in June 2022, year-on-year: • The Industrial Production Index increased by 3.7% (3.0% in the previous month); • The Industrial Turnover Index accelerated (31.5%, +2.4 p.p. compared to May), largely due to the increase in industrial prices (25.6%); • The Services Turnover Index showed a year-on-year rate of change of +16.1% (+21.0% in the previous month) compared to 2021 and +14.7% compared to 2019; • The Retail Trade Turnover Index (deflated) accelerated to 3.3% (2.4% in May); • The Production in Construction Index accelerated to a rate of change of 2.2% (+1.6% in May); • In tourism activity, the number of overnight stays increased by 110.2% (+221.7% in May), however decreasing by 0.4% compared to June 2019; In July 2022, the average consumption of electricity on a working day registered a year-on-year rate of change of +4.8% (+2.2% and +2.8% in May and June, respectively).
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