In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 1.9% in the fourth quarter (1.6% in the third quarter). Comparing with the previous quarter, GDP change rate was 0.6% (0.8% in the third quarter). The economic activity indicator, available until December, and the economic climate indicator, already available for January, increased. The quantitative indicator of private consumption accelerated in December due to the contribution of both components, durable and non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator increased, reflecting the behaviour of all components, with construction moving from a negative contribution to a positive one. Concerning the international trade of goods, exports and imports recorded year on-year nominal change rates of 4.9% and 6.4% in December, respectively (3.6% and 3.1% in November). The industry turnover and the industrial production indexes presented a more intense positive change rate in December, while the respective price index showed an increase. The services turnover index accelerated in December while the construction and public works production index showed a less pronounced reduction.
In the fourth quarter of 2016, the unemployment rate was 10.5%, remaining unchanged when compared with the rate registered in the previous quarter and 1.7 percentage points below the rate observed one year earlier. Total employment recorded a year-on-year change rate of 1.8% (1.9% in the third quarter of 2016), while the active population decreased 0.2% (increase of 0.3% in the previous quarter).
The year-on-year change rate of the Consumer Price Index (CPI) was 1.3% in January (0.9% in December), with a change rate of 1.4% in the goods component (0.6% in the previous month) and 1.3% in the services component (same rate as the previous month).