Portugal: Consumer confidence tumbles to 21-month low and economic sentiment dips in November
According to the National Statistics Institute’s (INE) survey of consumer sentiment released on 29 November, consumer confidence deteriorated markedly in November, tumbling to minus 3.4 points from minus 0.4 points in October. November’s print was the lowest since February 2017. Consumers were notably less optimistic about the general economic situation over the next 12 months and their outlook on their personal financial situation in the same time frame was also more downbeat. Moreover, respondents held more pessimistic views on their savings ability over the next year. Meanwhile, households’ outlook on the unemployment situation was unchanged, remaining at the same positive level in November as the previous month.
The overall economic climate indicator inched down to 2.3 in November from 2.4 in October. Looking at a breakdown of the sub-sectors, the slight downturn was underpinned by less favorable outlooks in the manufacturing and services sectors. These were partially offset by slightly more optimism in the construction and public works sector. Meanwhile, business sentiment in the trade sector remained stable in positive territory in November.