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Economic activity indicator and economic climate indicator decrease
Monthly Economic Survey
Economic activity indicator and economic climate indicator decrease - October 2019
20 November 2019


In the Euro Area (EA), the year-on-year real growth rate of GDP was of 1.2% in the third quarter of 2019 (identical to the second quarter). In October, the consumer confidence and the economic sentiment indicators decreased in the EA. The prices of raw-materials and oil presented monthly growth rates of 2.2% and -5.4% (0.7% and 7.6% in September, respectively).
In Portugal, according to the flash estimate, real GDP registered a year-on-year growth rate of 1.9% in the third quarter of 2019, similar to the second quarter, and a quarterly growth rate of 0.3% (0.6% in the second quarter). The economic activity indicator, available until September, and the economic climate indicator, already available for October, decreased. The quantitative indicator of private consumption stabilized in September, reflecting similar positive contributions of both components, durable and non-durable consumption when comparing with August. The Gross Fixed Capital Formation (GFCF) indicator decelerated in September, due to the less intense positive contribution of the Construction component and the more intense negative contribution of the Transportation Equipment component. In nominal terms, the exports and imports of goods presented year-on-year growth rates of 1.2% and 6.3% in September, respectively (-3.6% and 0.5% in August). In September, considering the production perspective, there was a real and nominal deceleration in industry, as well as a nominal acceleration in services and a slight real deceleration in construction.
According to the Labour Force Survey, the unemployment rate for the third quarter of 2019 was 6.1%, 0.2 p.p. below the rate of the previous quarter and 0.6 p.p. lower than the rate of the corresponding quarter of 2018. Total employment presented a year-on-year growth rate of 0.9% in the third quarter, maintaining the rate of the second quarter. The active population increased 0.3%, which present a slight deceleration when comparing to the previous quarter (change rate of 0.4%).
The year-on-year change rate of the monthly Consumer Price Index (CPI) was null in October (-0.1% in September), with a -0.7% change rate in the goods component (identical in the previous month) and a 1.0% variation in the services component (0.8% in September).

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