Economic activity flat in December; economic climate worse in January

  • Lusa
  • 19 February 2019

The official indicator of economic activity in Portugal was little changed in December while that for the economic climate in January fell that month, according to the National Statistics Institute.

In a report released on Tuesday, the INE said that economic activity was unchanged at 2.1 points in December while the economic climate indicator, for which the figure for January was already available, slipped to 2.1 points from 2.2 in December.

According to the INE report, the quantitative indicator of private consumption rose in December, reflecting a positive contribution from both durable and non-durable goods.

The indicator for gross fixed capital formation (GFCF) showed a slowdown in December, with weaker growth across the board, in transport equipment, machinery and construction.

In nominal terms, exports and imports of goods accelerated in December, rising 1.4% and 8.7% respectively on the same month of 2017. As compared with November 2018, they were down 0.4% and up 6.4% respectively.

As for production, the index for the industry was down year-on-year for a sixth consecutive month in December, the INE reported. Production in construction also slowed, while the index for services showed an acceleration.