Portugal: Consumer confidence and economic climate indicator both rise in March
March 30, 2017
The survey of consumer sentiment produced by the National Statistical Institute (INE) showed that consumer confidence increased sharply from minus 4.0 in February to minus 1.5 in March, the highest figure in 17 years. March’s significant uptick was driven by improvements in consumers’ perceptions of their financial situation, the general economic situation in the country, unemployment and savings over the next 12 months.
The Institute’s overall economic climate indicator ticked up from 1.4 points in February to 1.6 points in March. March’s rise was underpinned by improved business sentiment in the trade, services and construction and public works sectors. The positive figures for business and consumer confidence come soon after recently released data which showed the economy ended last year on a fairly strong footing, with the fiscal deficit falling to the lowest level in more than 40 years.
Author: Oliver Reynolds, Economist