Portugal Economic Sentiment August 2022

Portugal

Portugal: Consumer confidence steadily pessimistic in August

August 30, 2022

Consumer confidence came in at minus 31.1 in August, matching July's reading. Pessimistic perspectives on future big ticket purchases offset improvements in households’ views about their own and the country’s economic situations.

Meanwhile, the three-month moving average of the economic climate indicator came in at 1.7 in August, below 1.8 in July. Looking at the details of the print, only the service sector registered an improvement in sentiment; confidence indicators worsened in manufacturing, trade and construction.

Consumer confidence came in at minus 31.1 in August, matching July's reading. Pessimistic perspectives on future big ticket purchases offset improvements in households’ views about their own and the country’s economic situations.

Meanwhile, the three-month moving average of the economic climate indicator came in at 1.7 in August, below 1.8 in July. Looking at the details of the print, only the service sector registered an improvement in sentiment; confidence indicators worsened in manufacturing, trade and construction.

FocusEconomics panelists see private consumption climbing 5.3% in 2022, which is unchanged from last month’s forecast. In 2023 private consumption is seen growing 0.9%. Panelists project fixed investment to expand 5.8% in 2022, which is unchanged from last month’s forecast. In 2023 they see it growing 3.6%.


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Portugal Economic Sentiment August 2022 1

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


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