Portugal: Consumer confidence climbs in October, while the economic climate indicator inches down
Consumers turned less downbeat in October, with the consumer confidence index climbing to minus 6.6 points from minus 7.2 points in September. The improvement in confidence reflected households’ greater optimism over their personal financial situation in the next 12 months and a less pessimistic outlook on the general economic situation in the year ahead. Consumers were also slightly less downbeat about purchasing big-ticket items over the next 12 months. Upturns in these sub-components more than offset households’ more pessimistic assessment of their personal finances in the past year.
Conversely, the overall economic climate indicator inched down to 2.1 points in October from 2.2 points in September, the lowest in just two-and-a-half years. Business sentiment worsened in the manufacturing and trade sectors. A slightly less optimistic outlook on future production weighed on sentiment in the manufacturing sector, while a less upbeat assessment of past sales and a less positive outlook on the future business situation dampened sentiment in the trade sector. On the flip side, sentiment improved in the construction and public works, and services sectors. Reduced pessimism regarding current order books and future employment lifted sentiment on the construction and public works sector, while an improved assessment on the past business situation and demand buoyed sentiment in the services sector.