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Private consumption and GFCF indicators acelerate; Imports of goods maintain a higher growth rate than Exports of goods
Monthly Economic Survey
Private consumption and GFCF indicators acelerate; Imports of goods maintain a higher growth rate than Exports of goods - April 2019
20 May 2019

Summary

In the Euro Area (EA), GDP in real terms presented a year-on-year growth rate of 1.2% in the first quarter of 2019 (same rate as in the previous quarter). In April, the consumer confidence indicator stabilized and the economic sentiment indicator decreased in the EA. In the same month, the raw materials and oil prices presented monthly change rates of -0.4% and 8.4%, respectively (-0.4% and 3.9% in March).
In Portugal, GDP presented a year-on-year growth rate of 1.8% in real terms, in the first quarter of 2019 (1.7% in the fourth quarter of 2018). The economic activity indicator, available until March, decreased, and the economic climate indicator, already available for April, stabilized. The quantitative indicator of private consumption accelerated in March, with the non-durable consumption component accelerating and the durable consumption component decelerating. In the same month, the Gross Fixed Capital Formation (GFCF) indicator accelerated, reflecting the more intense positive contribution of the machinery and equipment and constructions components, while the transport material component presented a less intense positive contribution. In nominal terms, exports and imports recorded year-on-year change rates of 4.0% and 13.4% in March, respectively (5.0% and 11.6% in February). Considering the economic activity from the production perspective, the turnover indexes in industry and services decelerated, while the production in industry decreased. In turn, the index of production in construction accelerated.
In the first quarter of 2019, the unemployment rate was 6.8%, which is higher by 0.1 p.p. to the one observed in the previous quarter (7.9% in the same period of 2018). Total employment decelerated slightly in the first quarter of 2019, recording a year-on-year change rate of 1.5% (1.6% in the previous quarter), while the active population increased 0.3% (change rate of 0.1% in the previous quarter).
The year-on-year change rate of the Consumer Price Index (CPI) was 0.8% in April (0.8% in March as well), with a 0.1% change rate in the goods component (0.7% in the previous month) and 1.8% in the services component (1.1% in the previous month).


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