Portugal Economic Sentiment October 2020


Portugal: Business and consumer sentiment improve in October, but uptick may not last

October 29, 2020

Consumer sentiment rose to minus 24.6 in October, from minus 26.6 in September. Consumers felt slightly less pessimistic on their past financial situation. Moreover, consumers’ expectations regarding both their future financial situation and the future of the economy improved. However, they became gloomier regarding important purchases over the next twelve months.

The economic climate indicator ticked up to 0 in October, from minus 0.5 in September, as most sectors became less pessimistic, notably the services sector. However, the uptick in both business and consumer sentiment could be short-lived given the recent imposition of fresh Covid-19 restrictions.

FocusEconomics panelists see private consumption climbing 4.8% in 2021, which is down 0.1 percentage points from last month’s forecast. In 2022 private consumption is seen growing 2.9%. Panelists project fixed investment to expand 5.0% in 2021, which is down 0.5 percentage points from last month’s forecast. In 2022 they see it growing 6.8%.

Author:, Junior Economist

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Portugal Economic Sentiment Chart

Portugal Economic Sentiment October 20 20

Note: Consumer Confidence and Economic Climate indicators.
Source: Statistics Portugal (INE).

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