Monthly Economic Survey, October 2016, INE

Page created: Friday, 18 November 2016 11:52GMT

Press Release:  18 November 2016 - 3 Page(s)
Consumption  Exports  GDP   Investment

In the Euro Area (EA), the GDP year-on-year change rate stabilized in 1.6% in the third quarter of 2016 (1.7% in the first quarter). In October, in the EA, the consumer confidence indicator stabilized while the economic sentiment indicator slightly increased. In the last month, the raw materials and oil prices presented monthly change rates of 0.8% and 8.1%, respectively (-0.6% and 1.6% in September).
In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 1.6% in the third quarter of 2016 (0.9% in the two previous quarters). Comparing with the previous quarter, GDP change rate was 0.8% (0.3% in the second quarter of 2016). The economic activity indicator, available for September, and the economic climate indicator, already available for October, decreased. The quantitative indicator of private consumption decelerated in September, after accelerating in August, reflecting the less significant growth of both components, durable and non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator stabilized, due to a higher contribution of the transport material, a lower contribution of the machinery and equipment component and a slightly more negative contribution of the construction component. Concerning the international trade of goods, exports and imports recorded year on-year nominal change rates of 1.8% and 0.8% in September, respectively (-1.1% and -0.1% in August). The industry turnover index registered a less negative change rate in nominal terms in September, with the industrial production index accelerating and the respective price index presenting a less intense reduction. The services turnover index accelerated in September while the construction and public works production index showed a less pronounced reduction.
In the third quarter of 2016, the unemployment rate was 10.5%, which compares with 10.8% in the previous quarter and 11.9% in the third quarter of 2015. Total employment recorded a year-on-year change rate of 1.9% (0.5% in the second quarter of 2016) and the active population increased 0.3% (decrease of 0.8% in the previous quarter).
The year-on-year change rate of the Consumer Price Index (CPI) was 0.9% in October (0.6% in September), with a change rate of 0.1% in the goods component (same rate as the previous month) and 1.9% in the services component (1.4% in September).

Original title:  Economic activity accelerated until September. The economic climate indicator, already available for October, decreased slightly - October 2016

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