Portugal: Consumer confidence deteriorates severely in July, economic sentiment rises to over one-year high in July
Consumer sentiment deteriorated to minus 17.0 in July, from June’s minus 12.6, with the improvement likely curtailed by increasing Covid-19 activity and a partial return of restrictions in some districts. Consumers’ views on the future of the economy and both their prospective and past financial situation all deteriorated significantly.
Meanwhile, the three-month moving average of the economic climate indicator came in at 1.8 in July, up from 1.6 in June, albeit only rising due to the exclusion of April from the three-month average, as the first four months of the year were marked by a high level of Covid-19 restrictions. Notably, sentiment deteriorated slightly across all sectors in July, after most sectors improved throughout May–June.