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Economic activity and economic climate indicators stabilize
Monthly Economic Survey
Economic activity and economic climate indicators stabilize - November 2019
18 December 2019


In November, the consumer confidence indicator stabilized and the economic sentiment indicator decreased in the Euro Area (EA). In the same month, the prices of raw-materials and oil presented monthly growth rates of 2.7% and 5.9% (2.2% and -5.4% in October, respectively).
In Portugal, the economic activity indicator, available until October, and the economic climate indicator, already available for November, stabilized. The quantitative indicator of private consumption decelerated in October, reflecting the less intense positive contribution of the non-durable consumption component, while the durable consumption component presented a more intense positive contribution. The Gross Fixed Capital Formation (GFCF) indicator accelerated in October, due to the less intense negative contribution of the Transport Equipment component and a more intense positive contribution of the Machinery and Equipment component, while the Construction component presented a less intense positive contribution.
In nominal terms, the exports and imports of goods presented year-on-year growth rates of 3.6% and 5.3% in October, respectively (1.0% and 6.4% in September). In October, considering economic activity from the production perspective, there was a decline in industry, as well as a nominal acceleration in services and a real deceleration in construction.
According to the provisional monthly estimates of the Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was 6.5% in October, unchanged when comparing to the final rate of the previous month and to three months ago (6.6% in the same period in the previous year). In the same month, the estimate for employed population (15 to 74 years old), also seasonally adjusted, registered a year-on-year growth rate of 0.9% (-1.2% in September) and a decrease of 0.1% comparing with the previous month.
The year-on-year rate of change of the monthly Consumer Price Index (CPI) was 0.3% in November (0.0% in October), with a -0.6% rate of change in the goods component (-0.7% in October) and a 1.6% growth rate in the services component (1.0% in the previous month).

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