SYNTHESIS INE@COVID-19, 8-Sept -2020

www.ine.pt page 5/10 September . 08. 2020 SYNTH SIS IN @ COVID-19 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt More information available at: Monthly employment and unemployment estimates – July 2020 (31 August 2020) Labour underutilization The labour underutilization is an indicator that aggregates: • The unemployed population; • The underemployment of part-time workers; • The inactive looking for employment but not available for work; • The inactive available, but not seeking employment. 15.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Thisindicatorallowitsdatausersabroadermeasureofthelabourunderutilisation than the more restrictive measure given by the official unemployment rate (ILO concept). In July 2020 (provisional estimate): • The underutilization of labour covered 841.8 thousand people (+1.6% (13.0 thousand) compared to the previous month and +21.3% (148.0 thousand) in year-on-year terms); • The labour underutilization rate was 15.7% (+0.2 p.p. than in the previous month; +2.8 p.p. in year-on-year terms). Labour underutilisation rate (seasonally adjusted data) (p) (p) Provisional estimate GDP in volume registered a year-on-year rate of change of -16.3% and -13.9% quarter-on-quarter The GDP recorded a year-on-year rate of change of -16.3% in the second quarter of 2020 (-2.3% in the previous quarter). Reflecting the significant impact of the COVID-19 pandemic particularly in the last month of the quarter. The strong contraction of the economic activity reflected the COVID-19 pandemic impact which had, in the first two months of the quarter, a significant impact. This result is largely explained by the contribution of domestic demand, which is considerably more negative than that observed in the previous quarter, reflecting the significant contraction in private consumption and investment. The contribution of net external demand was more negative in the second quarter (shifting from -1.1 to -4.4 percentage points (p.p.)), driven by the more significant decrease in Exports of Goods and Services (-39.5%) than that observed in Imports of Goods and Services (-29.9%), due largely to the near interruption of non-residents tourism.