Portugal: Consumer confidence and economic climate worsen in October

Consumer confidence came in at minus 38.6 in October, down from September's minus 35.8. October's result marked the worst performance since April 2020. Consumers’ views on the county’s and their own economic situations over the past and next 12 months deteriorated. That said, consumers are slightly less unlikely to purchase big-ticket items in the next 12 months.

Meanwhile, the three-month moving average of the economic climate indicator came in at 1.3 in October, below 1.6 in September. Looking at the details of the print, sentiment worsened across all sectors.

FocusEconomics panelists see private consumption climbing 5.0% in 2023, which is unchanged from last month’s forecast. In 2024, private consumption is seen growing 0.5%. Panelists project fixed investment to expand 5.2% in 2023, which is unchanged from last month’s forecast. In 2024, they see it growing 2.9%.