Portugal: Consumers turn less pessimistic in July, while economic climate indicator inches down
Consumers were less downbeat in July compared to June, with the consumer confidence index climbing to minus 6.4 points from minus 8.4 points in June, marking the best reading since October 2018. July’s reading reflected households’ more upbeat outlook on their personal financial situation over the next year and less pessimistic views on making major purchases in the next 12 months. Improvements in these components made amends for a more downbeat outlook on the general economic situation in the year ahead, while consumers’ assessment of their personal finances in the last 12 months remained stable.
Conversely, the overall economic climate indicator inched down 2.3 points in July from 2.4 points in June. Business sentiment worsened in the manufacturing sector on less favorable outlooks on demand and production, in the construction and public works sector on a more pessimistic assessment on current order books and future employment, and in the services sector on a less optimistic view on the business situation and demand in the previous few months. Meanwhile, confidence in the trade sector improved on a more upbeat assessment on sales in the past few months.