Portugal: Consumer confidence dips in November, while business sentiment remains cool
November 28, 2019
Consumers turned marginally more downbeat in November, with the consumer confidence index slipping to minus 6.9 points from minus 6.6 points in October. The deterioration reflected households’ increased pessimism regarding the general economic situation in the year ahead as well as their own assessment of their personal finances in the past year. However, the downturn in these sub-components masked increased optimism regarding households’ financial situation in the next 12 months and a less pessimistic outlook regarding their ability to make major purchases in the coming year.
Meanwhile, the overall economic climate indicator read 2.1 points in November, staying flat from the prior month and remaining at the lowest level in over two-and-a-half years. Business sentiment was mixed across the board, with confidence indicators declining in the manufacturing and construction sectors, while trade and services sentiment improved. The services sector saw the largest rise, reflecting increased optimism around the general business situation and demand levels.
Author: Stephen Vogado, Economist