In Portugal, economic activity year-on-year refers to the annual change of the coincident indicator for the Portuguese economy activity that includes eight major indicators: real GDP; retail sales volume (retail trade survey); sales of heavy commercial vehicles; cement sales; manufacturing production index; households’ financial situation (consumer survey); new job vacancies; and an external environment proxy.
A higher than expected figure should be seen as positive (bullish) for the EUR while a lower than expected figure should be seen as negative (bearish) for the EUR.