Portugal: Economic climate drops to record low
November 29, 2012
The November consumer confidence index improved to minus 59.8 points from minus 61.1 points in October, when it reached the lowest level since records began. At the current level, consumer sentiment is 1.6 points below the levels observed in the same month last year. Consumers were slightly less pessimistic about their financial situation as well as the national outlook in the next 12 months. In addition, a lower number of respondents expected a higher unemployment rate. Meanwhile, the economic climate indicator fell from minus 4.6 points in October to minus 5.0 points in November, the lowest level on record. The decrease came on the back of deteriorations in most sectors, which does not bode well for economic activity in the near term.