Monthly Economic Survey, January 2015, INE

Page created: Wednesday, 18 February 2015 12:28GMT

Press Release:  18 February 2015 - 2 Page(s)
Consumption  GCFC  Inflation  Investment  Short-term Indicators

In the Euro Area (EA), GDP in real terms registered a year-on-year change rate of 0.9% in the fourth quarter (0.8% in the two previous quarters). In January, the consumer confidence and the economic sentiment indicators slightly increased in the EA. In the same month, the raw materials and oil prices presented monthly change rates of -4.5% and -18.7%, respectively ( 1.7% and -20.6% in December).
In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 0.7% in the fourth quarter (1.1% in the previous quarter). This evolution reflected the decrease of the positive contribution of domestic demand, mainly due to the behaviour of private consumption. The negative contribution of net external demand slightly diminished, led by the acceleration of Exports of Goods and Services. Comparing with the previous quarter, the GDP change rate was 0.5% in the fourth quarter (0.3% in the two previous quarters). The economic climate indicator increased tenuously in January, interrupting the negative path observed since September. The economic activity indicator decreased between September and December, less intensely in the last month. In December, the Short-Term Statistics revealed negative indications in industry, construction and public works and some sectors of services. The private consumption indicator presented a less intense year-on-year growth rate in December, reflecting the deceleration of the non-durable consumption component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased significantly, due to the reduction of the positive contribution of the transport material and the machinery and equipment components, more intense in the first case. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of 4.6% and 2.0% in December, respectively (4.3% and 3.8% in November).
In the fourth quarter, the unemployment rate was 13.5% (13.1% in the previous quarter). Total employment recorded a year-on-year change rate of 0.5% (2.1% in the third quarter) and the active population diminished 1.6% (-0.7% in the previous quarter).
The year-on-year change rate of the Consumer Price Index (CPI) was -0.4% in December and January (0.0% in October and November). In January, the goods and the services components registered change rates of -1.3% and 0.9%, respectively.

Original title:  Domestic Demand decelerates in December. Economic climate indicator slightly increases in January. - January 2015