Unemployment rate revised to 9.2% in May 2017

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Page created: Thursday, 3 August 2017 11:53 GMT | Updated: Thursday, 3 August 2017 14:38 GMT

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Inflation fell to 0.9% in June

The unemployment rate was revised downward by 0.2 pp to 9.2% in May 2017. This is the lowest value since November 2008. The inflation rate has also dropped again to 0.9 % in June 2017. Economic indicators revealed once again an upward trend in the Portuguese economy.

According to the definitive estimate of INE – Statistics Portugal, the unemployment rate fell to 9.2% in May 2017, which represents a revision of minus 0.2 pp vis-à-vis the provisional estimate from the previous month. This value is the lowest since November 2008. The unemployed population was 473 700 people, corresponding to a decrease of 16 200 people from the previous month. The employment rate stood at 59.9%, with the employed population reaching 4 658 900 people, corresponding to an increase of 5 900 people in comparison with the previous month. In June, according to the INE – Statistics Portugal provisional estimate, the unemployment rate has dropped again to 9%, with the unemployed population falling to 462 600 people and the employed population rising to 4 672 300 people.

The Consumer Price Index (CPI) registered a year-on-year change of 0.9% in June 2017, corresponding to a decrease of 0.6 pp from the previous month. This development resulted from a deceleration in the prices of Food and non-alcoholic beverages. The underlying inflation indicator, CPI excluding energy and unprocessed food products, registered a year-on-year change of 1.1%. The Harmonized Index of Consumer Prices, which serves to compare prices between the different countries of the European Union, registered a year-on-year change of 1%, lower than in the Euro Area and in the European Union, 1.3% and 1.4%, respectively.

The economic climate indicator of INE – Statistics Portugal increased in July for the seventh straight month, reaching its maximum value since June 2002. The indicator of consumer confidence also increased again, renewing the maximum value of the series started in November 1997. Monthly Coincident Indicators of the Banco of Portugal (Portuguese Central Bank) for Economic Activity and Private Consumption increased again in June 2017. The European Commission’s economic sentiment index rose again to renew recent highs. The Composite Indicators Index of the OECD rose in May to 99.97.

Friday, 28 July 2017 14:02

Lisbon, July 28 (Lusa) - The unemployment rate in Portugal fell in June to 9.0% the National Statistics Institute (INE) said on Friday, adding it had revised the May unemployment rate to 9.2%, the lowest figures since November 200...