Monthly Economic Survey, October 2017, INE

Page created: Monday, 20 November 2017 16:47GMT

Press Release:  20 November 2017 - 3 Page(s)
Economic Activity  Economic climate  INE  Portugal

In the Euro Area (EA), the year-on-year real growth rate of GDP was of 2.5% in the 3rd quarter of 2017 (2.3% in the 2nd quarter). In October, the consumer confidence and the economic sentiment indicators increased in the Euro Area. The prices of raw-materials and oil presented monthly growth rates of 0.5% and 3.8% (1.7% and 7.6% in September, respectively).
In Portugal, according to the flash estimate, real GDP registered a year-on-year growth rate of 2.5% in the 3rd quarter of 2017 (3.0% in the previous quarter) and a quarterly growth rate of 0.5% (0.3% in the 2nd quarter). Both the economic activity indicator, available until September, and the economic climate indicator, already available for October, stabilized. The quantitative indicator of private consumption accelerated in September, reflecting a stronger positive contribution of the durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator decelerated in September, following the behaviour of the three previous months. In September, this was due to a less positive contribution of the machinery and equipment component. In nominal terms, the exports and imports of goods presented year-on-year growth rates of 7.6% and 10.9% in September, respectively (7.8% and 10.6% in August).
In September, considering the production perspective, there was a deceleration of the turnover index in services and of the industrial production index, while the production index in construction and the turnover in industry stabilized.
According to the Labour Force Survey, the unemployment rate for the 3rd quarter of 2017 was 8.5%, 0.3 p.p. lower than the rate of the previous quarter and significantly lower than the rate of the corresponding quarter of 2016 (10.5%). Total employment presented a year-on-year growth rate of 3.0%, less intense comparing to the previous quarter (growth rate of 3.4%) and active population increased 0.7% (1.2% in the previous quarter).
The year-on-year change rate of the monthly Consumer Price Index (CPI) was 1.4% in October (the same as in September), with a 0.6% growth rate in the goods component and a 2.5% variation in the services component (equal to the rates verified in September).

Original title:  Economic activity indicator and economic climate indicator stabilize in Portugal

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