Portugal Economic Sentiment October 2021


Portugal: Consumer confidence deteriorates, economic sentiment ebbs in November

November 29, 2021

Consumer confidence declined to minus 19.0 in November, following October’s minus 11.0. November’s deterioration comes right after the political crisis emerged in late October, triggering early elections in January. Consequently, consumers’ view on the economy became dramatically more pessimistic, with this component alone driving the whole print.

Meanwhile, the three-month moving average of the economic climate indicator clocked in at 1.9 in November, below 2.0 in October. Sentiment among firms in the construction sector deteriorated significantly, driving down the month’s result. Contrastingly, businesses in the service sector were much more upbeat.

FocusEconomics panelists see private consumption climbing 4.5% in 2022, which is unchanged from last month’s forecast. In 2023 private consumption is seen growing 2.0%. Panelists project fixed investment to expand 4.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023 they see it growing 4.3%.

Author:, Junior Economist

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Portugal Economic Sentiment Chart

Portugal Economic Sentiment November 2021

Note: Consumer Confidence and Economic Climate indicators.
Source: Statistics Portugal (INE).

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