The Bank of Portugal's coincident indicators for economic activity and private consumption slows for the third consecutive month.
The growth rate of the country’s economic activity slowed again in July, according to the Bank of Portugal (BoP) on Thursday. The economic activity indicator shows a year-on-year change rate of 6.4%, down from the 6.7% reported last June.
The same goes for the private consumption indicator in July, with a year-on-year change rate of 3.4%, below the 4.3% seen in June.
The economic activity has been slowing since last April, when the Bank of Portugal determined a YoY variation of 7.1%. Private consumption has been falling since March when it reached 6.4%.
The figures are, nevertheless, robust. The average change rate of the economic activity indicator is 6.8% in 2022, which compares with 3% the previous year. In private consumption, the rate is 5.6%, compared to 4.7% in 2021.
“Coincident indicators aim to capture the underlying developments in their respective macroeconomic aggregate, thus they do not reflect at each moment the year-on-year growth rate of those aggregates,” explains the central bank.