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Economic activity indicator stabilizes and economic climate indicator decreases
Monthly Economic Survey
Economic activity indicator stabilizes and economic climate indicator decreases - September 2018
18 October 2018

Summary

In September, the consumer confidence indicator and the economic sentiment indicator decreased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of -2.5% and 7.9%, respectively (-2.1% and -1.3% in August).
In Portugal, the economic activity indicator, available until August, stabilized and the economic climate indicator, already available for September, decreased. The quantitative indicator of private consumption increased in August, due to the more intense positive contribution of the durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decelerated, reflecting the less intense positive contributions of the construction and the machinery and equipment components. In nominal terms, exports and imports recorded year-on-year change rates of 8.9% and 12.6% in August, respectively (9.8% and 9.3% in July). Considering the economic activity from the production perspective, the industry and services turnover indexes decelerated in August, while the production index in industry decreased more intensely. The production in construction accelerated in August.
According to the monthly provisional estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years) was 6.8% in August, maintaining the final value observed in the previous two months, which compares to 7.1% in May and 8.8% one year ago. Total employment (15 to 74 years), also seasonally adjusted, presented a year-on-year growth rate of 1.9% (2.2% in July) and a monthly decrease of 0.1%.
The year-on-year change rate of the Consumer Price Index (CPI) was 1.4% in September (1.2% in August), with a 0.9% change rate in the goods component (1.0% in the previous month) and 2.2% in the services component (1.6% in the previous month).


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