Portugal: Economic sentiment records worst reading since February 2021 in October
Economic sentiment came in at 94.6 in October, down from September’s 95.7. October’s result marked the weakest sentiment since February 2021. As a result, the index remained below the long-term average of 100, pointing to a muted near-term outlook for the economy.
The headline print reflected deteriorating sentiment in the industrial sector and stronger sentiment in the construction sector. Moreover, confidence in the services sector softened in October, whereas sentiment in the retail sector rose in the surveyed month. Lastly, consumer confidence weakened in October.
Referring to indicators that are not used to calculate the index, employment expectations were healthier, while the economic uncertainty index increased in October.