Portugal: Consumer confidence continues to plunge, while economic sentiment inches up in March
According to the National Statistics Institute’s (INE) survey of consumer sentiment released on 28 March, consumer confidence slid for the sixth month running in March, falling to minus 10.7 points, down from minus 9.9 points in February. March’s print was the worst since November 2016. Consumers were more pessimistic about the general economic conditions in the next 12 months, which again deteriorated the most. Moreover, the willingness to purchase big-ticket items over this period sunk deeper into negative territory, and consumers were also less upbeat on their personal financial situation over the next year. On the upside, consumers held less pessimistic assessments of their personal finances over the last 12 months.
The overall economic climate indicator, however, inched up again to 2.3 points in March from 2.2 points in February. Improved business sentiment in the manufacturing, and construction and public works sectors more than offset a downturn in confidence in the trade and services sectors.