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Economic activity indicator decreases and economic climate indicator stabilizes
Monthly Economic Survey
Economic activity indicator decreases and economic climate indicator stabilizes - February 2020
18 March 2020


In February, the consumer confidence and the economic sentiment indicators increased in the EA (Euro Area). In the same month, the prices of raw-materials and oil presented monthly growth rates of 3.5% and -10.9% (0.3% and -5.1% in January).
In Portugal, the economic activity indicator, available until January, decreased and the economic climate indicator, already available for February, stabilized. The quantitative indicator of private consumption decelerated in January, reflecting the less intense positive contribution of both components, durable and non-durable consumption. The Gross Fixed Capital Formation (GFCF) indicator decreased in January, with a less intense positive contribution of the construction component and a more negative contribution of the machinery and equipment component, while the transportation material component presented a less intense negative contribution.
In nominal terms, the exports and imports of goods presented year-on-year growth rates of 5.9% and 0.2% in January, respectively (7.3% and 6.5% in December). Considering the economic activity from the production perspective, there was an increase in industry, as well as a deceleration in real terms in construction and in nominal terms in services, only slightly in the latter case.
The provisional unemployment rate (15 to 74 years old), seasonally adjusted, was 6.9% in January, 0.2 percentage points above the definitive rate observed in December (6.6% in the same period of the previous year). The estimate for the employed population (15 to 74 years old), also seasonally adjusted, registered a year-on-year and a monthly growth rates of 0.2% (year-on-year rate of change of 0.1% in December).
The Consumer Price Index (CPI) was presented a year-on-year rate of change of 0.4% in February (0.8% in the previous month), with a -0.2% growth rate in the goods component (0.4% in January) and an increase of 1.2% in the services component (1.4% in the previous month).

The information in this press release, related to February, does not yet reflect the current situation determined by the pandemic Covid19. It is expected that the analyzed trends will change substantially. Nonetheless, the information available today is useful to establish a reference to assess future developments. Despite the circumstances, Statistics Portugal will try to maintain the production and dissemination schedule, although some disturbance may occur on the collection of primary data due to the impact of the pandemic.

Press release
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