Inflation grows to 1.6% in February 2017
In the fourth quarter of 2016, Portuguese GDP grew by 2% year-on-year, more than the Euro Area and the European Union. In February 2017, the Consumer Price Index grew by 1.6%, which means an increase of 0.3 pp over the previous month. The consumer confidence indicator reached its maximum level for 17 years.
The growth of 2% of Gross Domestic Product (GDP) in the fourth quarter of 2016 in Portugal was higher than that of the Euro Area and the European Union, 1.7% and 1.9%, respectively. In the full year of 2016, Portugal’s GDP growth of 1.4% was below that of the Euro Area and the European Union, 1.7% and 1.9%, respectively.
The Consumer Price Index (CPI) rose 1.6% year-on-year in February 2017, corresponding to an increase of 0.3 pp compared to the previous month, as a result of the increase in the prices of food and non-alcoholic beverages. The annual core inflation rate, CPI excluding energy and unprocessed food products components, increased to 0.6%, 0.1 pp above the variation registered in January 2017. The Harmonised Index of Consumer Prices (HICP), which serves to compare the different countries in the European Union, was also 1.6% in February 2017, a rate of change below that registered in the Euro Area and in the European Union, 2.0% and 1.9%, respectively.
The economic climate indicator and the consumer confidence indicator of INE – Statistics Portugal increased again in March, with the latter reaching its maximum level for 17 years. The European Commission’s economic sentiment indicator increased as well, extending its growing trend started in September. The coincident indicators of the Portuguese Central Bank (Banco de Portugal) for economic activity increase again and the indicator for private consumption stabilised in February. The January figures of the OECD Index of the Composite Leading Indicators recorded a value of 99.94, continuing the downward path after peaking at 100.54 in August, and falling below its long-term trend of 100 for the first time since January 2016.
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