Portugal: Consumer confidence falls to over two-year low in November

Consumer confidence fell to minus 38.7 in November from October's minus 38.6. November's result marked the weakest sentiment since April 2020. Consumers became less likely to purchase big-ticket items in the next 12 months and grew more pessimistic about their economic situation in the past 12 months. That said, household’s views on the country’s and their own economic situations over the next 12 months improved.

Meanwhile, the three-month moving average of the economic climate indicator came in at 1.2 in November, below 1.3 in October. Looking at the details of the release, sentiment ticked up across all sectors, however, gloomy perspectives in recent months drove the average down.

FocusEconomics panelists project private consumption to grow 0.1% in 2023, which is down 0.1 percentage points from last month’s estimate. In 2024, the panel sees it rising 1.5%. Panelists see fixed investment expanding 2.3% in 2023, which is up 0.3 percentage points from last month’s estimate. For 2024, the panel sees it increasing 4.3%.