Portugal: Consumer confidence continues to tumble, while economic sentiment sees marginal improvement
According to the National Statistics Institute’s (INE) survey of consumer sentiment released on 27 February, consumer confidence deteriorated for the fifth consecutive month in February. The index dropped to minus 9.9 points, down from minus 7.9 points in January, marking the worst print since November 2016. February’s print reflected an across-the-board downturn in sub-components. Consumers’ expectations over the general economic conditions over the next 12 months soured the most amid a slowdown in the Eurozone, while the willingness to make major purchases in the coming year was the weakest component of the index. Moreover, households were more pessimistic on their personal financial situation over the last 12 months and the year ahead.
On the flip side, the overall economic climate indicator inched up to 2.2 points in February from 2.1 points in January. Looking at a breakdown of the sectors, business sentiment improved in the trade, services, and construction and public works sectors. An upturn in the sentiment of these sectors more than offset a less favorable outlook in the manufacturing sector.