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Investment decelarates and exports of goods acelerate in November
Monthly Economic Survey
Investment decelarates and exports of goods acelerate in November - December 2019
20 January 2020


In December, the consumer confidence indicator decreased and the economic sentiment indicator stabilized in the Euro Area (EA). In the same month, the prices of raw-materials and oil presented monthly growth rates of 3.4% and 5.6%, respectively (2.7% and 5.9% in November).
In Portugal, the economic activity indicator, available until November, decreased while the economic climate indicator, already available for December, stabilized. The quantitative indicator of private consumption decelerated in November, reflecting the less intense positive contribution of the non-durable consumption component, while the durable consumption component presented a slightly more intense positive contribution. The Gross Fixed Capital Formation (GFCF) indicator also decelerated in November, driven by the more intense negative contribution of the transportation material component and the less intense positive contribution of the machinery and equipment and construction components.
In nominal terms, the exports and imports of goods accelerated in November, presenting year-on-year growth rates of 7.4% and 6.6%, respectively (3.4% and 5.0% in October). In November, considering the economic activity from the production perspective, there was a less pronounced 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 6.7% in November, 0.2 percentage points above the definitive rate of the two previous months (6.4% three months ago and 6.7% 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 0.6% (1.0% in October) and a decrease of 0.3% comparing with the previous month.
In 2019, the annual average rate of the Consumer Price Index (CPI) was 0.3% (1.0% in 2018) and the year-on-year rate of change was 0.4% in December (0.3% in November), with a -0.3% rate of change in the goods component (-0.6% in the previous month) and an increase of 1.5% in the services component (1.6% in November).

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