Lisbon, Portugal street

Portugal Economic Sentiment October 2021

Portugal: Consumer confidence deteriorates, economic sentiment ebbs in November

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.

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