Portugal: Consumer confidence slips in May, along with economic sentiment
May 28, 2019
Consumers became more pessimistic in May, with the consumer confidence index sliding to minus 9.0 points, down from minus 7.3 points in April. Driving the downturn were consumers’ less upbeat outlook on their personal finances in the year ahead and increased pessimism over the general economic conditions over the same time frame. On the flip side, consumers were slightly less downbeat about purchasing big-ticket items over the next 12 months, while their assessments on their personal financial situation in the past year remained unchanged.
The overall economic climate indicator edged down to 2.3 points in May from a revised 2.5 points in April (previously reported: 2.3 points). The series has been revised from this publication onwards, calculated based on seasonally adjusted series. Business sentiment soured in the manufacturing sector over a deterioration in the outlook on demand and production in the next three months, and also in the construction and public works sector due to more pessimistic views on current order books and future employment. Confidence also fell in the trade sector, with reduced optimism over sales and the business situation in both wholesale and retail trade in the next three months. On the upside, the services sector was more upbeat, thanks to improved outlooks on demand and the business situation in the past three months.
Author: Nihad Ahmed, Economist