Inflation fell to 1.4% in March 2017
In March 2017, the unemployment rate continued its downward trajectory, standing at 9.8%, and the employment rate rose to 59.6%. The consumer price index rose 1.4%, a decrease of 0.3 pp compared to the previous month. The consumer confidence indicator has reached its maximum value of the last 20 years.
According to the definitive estimate of INE – Statistics Portugal, the unemployment rate stood at 9.9% in February 2017. In March, the unemployment rate decreased again to 9.8%, which corresponds to a reduction of 2.2 pp in year-on-year terms. The unemployed population was 504 000 people, corresponding to a decrease of 4 300 people from the previous month. The employment rate rose to 59.6%, reflecting a monthly increase in the employed population of 15 900 people.
The Consumer Price Index (CPI) registered a year-on-year change of 1.4% in March 2017, which corresponds to a reduction of 0.2 pp compared to the previous month due to a deceleration of fuel prices. The underlying inflation indicator, CPI excluding energy and unprocessed food products, registered a year-on-year change of 0.6%. The Harmonized Index of Consumer Prices, which serves to compare prices between the different countries of the European Union, also registered a year-on-year change of 1.4%, lower than in the Euro Zone and in the European Union, 1.5% and 1.6%, respectively.
The economic climate indicator and the consumer confidence indicator of INE – Statistics Portugal increased again in April, with the latter reaching its maximum level since October 1997. The European Commission’s economic sentiment indicator increased as well, extending its growing trend started in September. The coincident indicators of Banco de Portugal (Portuguese Central Bank) for economic activity increased again and the indicator for private consumption stabilised in March. The OECD composite indicators index fell again to 2013 lows, presenting the value of 99.74, setting itself for the second consecutive month to a figure below 100, which may indicate a slowdown in economic activity in the next six to nine months.
The International Monetary Fund (IMF) improved the economic outlook for Portugal, now forecasting GDP growth of 1.7% this year and 1.5% in 2018. As for unemployment, the IMF continues to forecast an average rate of 10.6% this year and 10.1% in 2018. The current account has also been revised by the Fund, which forecasts a surplus of 0.8% of GDP this year and a deficit of 0.3% in 2018.
Tuesday, 2 May 2017 14:32
Brussels, May 2 (Lusa) - Portugal had the second laregst on year drop in unemployment in the European Union (EU) in March (2.2 points), and unemployment fell both in the EU and the Euro Zone, Eurostat said on Monday. According...
Friday, 28 April 2017 15:04
Lisbon, April 29 (Lusa) – Portugal’s National Statistics Institute (INE) said on Friday it had lowered its estimate for unemployment in February by 0.1 percentage points to 9.9%, the lowest rate since February 2009. It also...
Thursday, 27 April 2017 14:04
Lisbon, Apr. 27 (Lusa) – The consumer confidence index rose in April for the eighth month in a row and is now at its highest level in the last 20 years while the economic climate indicator is also climbing, the Portugu...
Monday, 24 April 2017 8:59
Lisbon, April 21 (Lusa) – The indicator for ongoing economic activity in Portugal rose in March for the fifth consecutive month while private consumption remained “relatively stable” month-on-month according to dat...
Tuesday, 19 December 2017
Wednesday, 13 December 2017
Friday, 10 November 2017
Thursday, 12 October 2017