Portugal: Consumer and business confidence nosedives in November
November 29, 2011
In November, the 3-month moving average of consumer confidence dropped from minus 53.0 points in October to minus 56.0 points in November, a new all-time record low. According to the press release, the three month period up to the November reading reflected a deterioration in virtually all components of the survey, particularly the perspectives for the evolution of the country's economic situation. Simultaneously, the 3-month moving average of business confidence deteriorated from minus 18.7 points in October to minus 20.7 in November. Moreover, the 3-month moving average of the economic climate indicator continued the downward trend in place since July 2010, falling from minus 2.9 points in October to minus 3.5 points in November, which represents the lowest value of the series. According to the press release, all components contributed negatively to the indicator's evolution, in particular the opinions on global demand. The Central Bank expects the economy to contract 1.9% this year and 2.2% in 2012. Meanwhile, the government is even less upbeat and sees economy contracting 1.9% this year and 2.8% in 2012.