Portugal: Consumer confidence improves, business sentiment turns optimistic in May
Consumer sentiment jumped to minus 12.8 in May, above April’s minus 17.1. This was likely supported by the lifting of the lockdown in April. The uptick was due to a significant ease in pessimism regarding the future of the economy. Moreover, households’ views on their financial situation for the next year turned slightly optimistic for the first time since the pandemic began.
Meanwhile, the three-month moving average of the economic climate indicator came in at 0.5 in May, up from minus 0.8 in April, with companies in the construction, services and retail sectors turning less pessimistic in the month. In addition, the manufacturing sector recorded the best reading for over two years.