LISBON: The level of consumer confidence prevailing in Portugal rose in February, extending a rising trend stretching back to early 2013, according to data from the National Institute of Statistics (INE).
The consumer confidence index, calculated through citizen surveys, rose to stand at -11.3 points, an improvement on the -12.6 points returned in January with the INE stating this “prolonged the rising trend observed since the beginning of 2013”, despite the falls registered in November and December of last year.
Furthermore, the indicator for the economic climate, in turn calculated via surveys of companies operating across different sectors of activity, turned upwards in February for the first time since July 2015. The February result came in on 0.7 points, up from 0.6 in January. “In the month in question, the confidence index rose in construction and public works, retail and services, having stabilised in the manufacturing sector,” reported the INE.
Meanwhile, according to the European Commission, the outlook may be deteriorating with its economic confidence indicator falling back 1.3 points in the EuroZone and 1.5 points in the broader European Union. Thus, the figures from the General Directorate of Economic and Financial Affairs ranked confidence as standing at 103.8 points in the EuroZone and 105.2 in the European Union.
Furthermore, there were falls in all the five largest EuroZone economies with the Netherlands leading the way with a two point fall followed by Italy, down 1.5, Germany down 0.6 and France and Spain that slid 0.5 points apiece.
In Portugal, the indicator dropped from 105.2 points in January to 103.6 in February reflecting the European wide trend for weaker consumer confidence coupled with a downturn in sentiment across all private business sectors with the exception of construction. The INE and the European Commission apply different methodologies for the calculation of their respective indicators.
