Monthly Economic Survey, April 2013, INE

Page created: Monday, 20 May 2013 12:00GMT | Updated: Monday, 31 March 2014 11:26GMT

Press Release:  20 May 2013 - 3 Page(s)
Consumption  GFCF  Inflation  Investment  Short-term Indicators

In the Euro Area (EA), in the 1st quarter 2013, the GDP in real terms registered a year-on-year change rate of -1.0%
(-0.9% in the previous quarter). In April, the consumer confidence indicator for the EA recorded a new recover, while the economic sentiment indicator slightly diminished. In the same month, the raw materials and the oil prices presented monthly change rates of -3.9% and -6.2% (-2.0% and -3.6% in March), respectively.
According to the flash estimate, the Portuguese GDP recorded a volume year-on-year change rate of -3.9% in the 1st quarter 2013 (-3.8% in the previous quarter), and a change rate of -0.3% comparing with the previous quarter. This evolution was driven by the more significant negative contribution of domestic demand, while the net external demand presented a more intense positive contribution. The economic climate indicator maintained in April the upward movement observed in the three previous months, after attaining the minimum of the series in December. The economic activity indicator, available until March, registered a less intense decrease. The private consumption indicator presented a slightly more pronounced year-on-year reduction in March, reflecting the stronger negative contribution of the non-durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator recorded a less intense decrease in March, due to the less negative evolution of the transport material and the machinery and equipment components. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 0.3% and -7.2% in March (0.9% and -5.5% in the previous month), respectively. Without considering three months moving averages, the nominal exports of goods recorded a change rate of -2.8% in March.
In the 1st quarter 2013, the unemployment rate was 17.7% (16.9% in the previous quarter). The total employment and the total employees registered year-on-year change rate of -4.9% (-4.3% and -5.5% in the 4th quarter, respectively). The employment reduction overcame the increase registered in unemployment, while the active population presented a year-on-year change rate of -1.8% (-0.9% in the previous quarter).
In April, the Consumer Price Index (CPI) and the Harmonized Index of Consumer Prices (HICP) recorded 12-month average rates of 1.7% and 1.8%, respectively (2.0% in March in both cases). The differential between the Portuguese HICP and the EA HICP was -0.4 p.p. in April (-0.3 p.p. in March).

Original title:  Domestic demand maintains negative evolution in March. Nominal exports decelerate and imports decrease more intensely. - April 2013