Portugal Economic Sentiment May 2022

Portugal

Portugal: Consumer sentiment improves but economic climate weakens marginally in May

June 1, 2022

Consumer confidence improved to minus 30.1 in May, up from minus 32.9 in April. The print came amid lower pessimism among households regarding both the future evolution of the country’s economic situation and households’ financial situation in the coming 12 months.

Meanwhile, the three-month moving average of the economic climate indicator ticked down to 2.0 in May, from April’s 2.2. Looking at the details, sentiment among firms in the manufacturing, trade and construction sectors weakened. Contrastingly, firms in the services sector became more optimistic.

FocusEconomics panelists see private consumption climbing 4.4% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023 private consumption is seen growing 2.1%. Panelists project fixed investment to expand 3.4% in 2022, which is down 1.3 percentage points from last month’s forecast. In 2023 they see it growing 4.4%.


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