Monthly Economic Survey, July 2015, INE

Page created: Wednesday, 19 August 2015 11:24GMT

Press Release:  19 August 2015 - 3 Page(s)
Tags:
Consumption  Exports  Imports  Investment

In the Euro Area (EA), GDP in real terms registered a year-on-year change rate of 1.2% in the second quarter of 2015 (1.0% in the previous quarter). In July, the consumer confidence indicator decreased in the EA, while the economic sentiment indicator recovered. In the same month, the raw materials and oil prices presented monthly change rates of -0.7% and -6.2%, respectively (-0.8% and -4.6% in June).
In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 1.5% in the second quarter of 2015 (the same as in the first quarter). Comparing with the previous quarter, the GDP change rate was 0.4% in the second quarter of 2015 (similar change rate as in the previous quarter). The economic activity indicator recovered in June and the economic climate indicator, already available for July, slightly increased. In June, the Short-Term Statistics point to an improvement in the economic activity in industry and some sectors of services and a decrease in construction and public works. The private consumption indicator stabilized in June, reflecting the behaviour of both components. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased, due to the reduction of all components contribution, mainly the construction component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of 7.4% and 9.0% in June, respectively (8.3% and 11.1% in May).
In the second quarter of 2015, the unemployment rate was 11.9%, which compares with 13.7% in the previous quarter and 13.9% in the second quarter of 2014. Total employment recorded a year-on-year change rate of 1.5% (1.1% in the first quarter of 2015) and the active population diminished 0.8% (change rate of -0.5% in the previous quarter).
In July, the year-on-year change rate of the Consumer Price Index (CPI) stabilized in 0.8% (1.0% in May), with a change rate of 0.4% in the goods component (0.5% in the previous month) and 1.3% in the services component (1.2% in June).



Original title:  Moderate economic growth and low inflation continue - July 2015