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Economic activity indicator and economic climate indicator stabilize
Monthly Economic Survey
Economic activity indicator and economic climate indicator stabilize - August 2019
18 September 2019


In August, the consumer confidence and the economic sentiment indicators decreased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly rates of change of -2.2% and -6.9%, respectively (-2.0% and 0.2% in July).
In Portugal, the economic activity indicator, available until July, and the economic climate indicator, already available until August, stabilized. The quantitative indicator of private consumption accelerated slightly in July, reflecting the stronger positive contribution of the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decelerated, with the negative contribution of the machinery and equipment component and the less intense positive contributions of the construction and transport material components.
In nominal terms, exports and imports recorded year-on-year rates of change of 0.5% and 5.9% in July, respectively (0.9% and 6.5% in June, by the same order). Considering the economic activity from the production perspective, in nominal terms there was a decrease in industry and a slowdown in services. In real terms, the industrial production index declined more significantly, while the construction production index accelerated.
According to the monthly provisional estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years) was 6.5% in July, which compares with 6.6% in April and 6.8% one year ago. Seasonally adjusted total employment (15 to 74 years) registered a year-on-year growth rate of 0.7% (0.3% in June) and a monthly increase of 0.2% (0.1% decrease in the last month).
The year-on-year change rate of the Consumer Price Index (CPI) was -0.1% in August (-0.3% in July), with a -0.7% rate of change in the goods component (identical in the previous month) and 0.8% in the services component (0.3% in the previous month).

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