Portugal Economic Sentiment

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Portugal: Leading indicators improve in November

November 28, 2013

In November, the consumer confidence index rose to minus 41.0 points, which came in above the minus 43.5 points tallied in October. According to the statistical institute, the increase in consumer confidence was mainly driven by improving job prospects and a more optimistic assessment of the country's economic situation.

FocusEconomics Consensus Forecast panelists expect private consumption to contract 2.4% in 2013, which is up 0.3 percentage points from last month's estimate. For 2014, the panel expects private consumption to decline 0.3%, which is up 0.1 percentage points over the previous month's projection.

The economic climate indicator continued to improve in November, increasing from minus 1.3 points in October to minus 1.2 points. The print marks the highest level since February 2011. Economic sentiment remains weak despite the increase, which does not bode well for economic activity in the near term.

FocusEconomics Consensus Forecast panelists expect fixed investment to contract 8.3% in 2013, which is up 0.5 percentage points from last month's estimate. For 2014, the panel sees investment expanding 0.2% which is up 0.1 percentage points over the previous month's projection.


Author: Ricard Torné, Head of Economic Research

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Portugal Economic Sentiment November 2013

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


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