The 1st Report of Relative Prices aims to study the most recent developments in the areas of the Portuguese economy related to resource allocation between economic sectors, competitiveness and external trade. We studied whether or not there is a shift from the non-tradable (NT) to the tradable (T) sector and if competitiveness has improved or not. Indeed, these are two goals that many economists regard as paramount for the future sustainability of the Portuguese economic growth. In order to study these aspects, we computed several Key Performance Indicators that measure the allocation of labour and credit, business turnovers, the evolution of prices and mark-ups of T and NT, the trade balance, the diversification of exports and the real effective exchange rate. If you want to know our conclusions, please read our report.