Portugal: Consumer confidence and economic climate indicator increase again in May
May 30, 2017
The survey of consumer sentiment produced by the National Statistical Institute (INE) showed that consumer confidence soared from 0.2 points in April to 1.7 points in May, the highest figure in nigh on 20 years. May’s significant uptick was driven by improvements in consumers’ perceptions of the general economic situation in the country and unemployment over the next 12 months. In contrast, consumers grew slightly more negative regarding savings and their personal financial situation over the next year.
The Institute’s overall economic climate indicator ticked up from 1.8 points in April to 2.0 points in May. May’s rise was underpinned by improved business sentiment in the services and construction and public works sectors. Sentiment was constant in the manufacturing sector and dipped marginally in the trade sector. The positive figures for business and consumer confidence show that the economy continues to gain momentum, after recently released GDP data for Q1 showing growth was the fastest in well over a decade.
Author: Oliver Reynolds, Economist