The economic climate indicator in Portugal came in at 2.1 in December of 2019, the same as in each of the previous two months and remaining at levels not seen since March 2017. Confidence deteriorated among retailers (1.6 from 2.2 in November) and service providers (10.1 from 11.4) while both manufacturers (-4.3 from -4.4) and constructors (-11.6 from -11.9) were slightly less pessimistic. Business Confidence in Portugal averaged 1.69 points from 1989 until 2019, reaching an all time high of 5.10 points in March of 1989 and a record low of -4 points in November of 2012.

Business Confidence in Portugal is expected to be 1.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Business Confidence in Portugal to stand at 1.80 in 12 months time. In the long-term, the Portugal Business Confidence is projected to trend around 1.60 points in 2020, according to our econometric models.

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Portugal Business Confidence

Actual Previous Highest Lowest Dates Unit Frequency
2.10 2.10 5.10 -4.00 1989 - 2019 points Monthly



Calendar GMT Actual Previous Consensus TEForecast
2019-09-27 08:30 AM Business Confidence Sep 2.2 2.3 2.5
2019-10-30 09:30 AM Business Confidence Oct 2.1 2.2 2.1
2019-11-28 09:30 AM Business Confidence Nov 2.1 2.1 2.2
2020-01-02 11:00 AM Business Confidence Dec 2.1 2.1 1.5
2020-01-30 09:30 AM Business confidence Jan 2.1 2


News Stream
2019-11-28
Portugal Business Morale Steady at Near 3-Year Low
The economic climate indicator in Portugal came in at 2.1 in November 2019, unchanged from the previous month and the lowest since March 2017. Confidence deteriorated among manufacturers (-4.4 vs -4.2 in October) and constructors (-11.9 vs -11.7) while it improved among retailers (2.2 vs 1.8) and service providers (11.4 vs 10.4).

2019-10-30
Portugal Business Morale Lowest since 2017
The economic climate indicator in Portugal continued to decrease to 2.1 in October 2019, the lowest since March 2017, from 2.2 in the previous month. Confidence deteriorated among manufacturers (-4.2 from -4.1 in September) and wholesalers & retailers (1.8 from 2.6) while it improved for service providers (10.4 from 9.9) and constructors (-11.7 from -12.7).

2019-09-27
Portugal Business Morale Drops to 29-Month Low
The economic climate indicator in Portugal decreased to 2.2 in September 2019 from 2.3 in the previous month, the lowest since April 2017. Confidence deteriorated among manufacturers (-4.1 vs -3.2); constructors (-12.7 vs -12.2 in August) and service providers (9.9 vs 11.3). Meantime, confidence among wholesalers & retailers slightly improved (2.6 vs 2.5).

2019-08-29
Portugal Business Sentiment Steady in August
The economic climate indicator in Portugal came in at 2.3 in August 2019, unchanged from the previous month. Confidence increased among manufacturers (-3.2 from -3.7 in July) and constructors (-12.2 from -12.8) but deteriorated among wholesalers & retailers (2.5 from 3.1) and service providers (11.3 from 13.4).

2019-07-30
Portugal Economic Climate Deteriorates in July
The economic climate indicator in Portugal edged down to 2.3 in July 2019 from 2.4 in the previous month, as sentiment deteriorated among service providers (13.4 vs 14.5 in June), constructors (-12.8 vs -10.8) and manufacturers (-3.7 vs -3.4). On the other hand, confidence among wholesalers and retailers improved (3.1 vs 2.7).

2019-06-27
Portugal Business Morale Improves in June
The Portuguese economic climate indicator edged up to 2.4 in June of 2019 from 2.3 in the previous month. Sentiment improved among service providers (14.5 from 14.4 in May); manufacturers (-3.4 from -3.7) and constructors (-10.8 from -11.3) while confidence among retailers remained unchanged at 2.7.


Portugal Business Confidence
In Portugal, the National Statistics Institute (INE) economic climate indicator on three terms moving averages is calculated in order to receive a timely composite indicator for the several sectors of economic activity. It is estimated using balances of questions from the Manufacturing Industry (1179 companies), Trade (1102 companies), Construction and Public Works (822 companies) and Services (1427 companies) surveys. The calculation is based on the factor analysis and the estimated series (the common component) is calibrated using the GDP change rates. The use of moving averages smooths out the series by removing the irregular movements, allowing the detection of the short-term trends.

Portugal Business Last Previous Highest Lowest Unit
Business Confidence 2.10 2.10 5.10 -4.00 points [+]
Industrial Production 0.20 -2.30 10.10 -18.20 percent [+]
Industrial Production Mom -0.60 3.00 6.40 -6.90 percent [+]
Manufacturing Production -0.70 -2.40 8.50 -22.30 percent [+]
Capacity Utilization 77.63 81.38 85.37 68.47 percent [+]
Changes in Inventories 490.87 267.73 559.04 -745.04 EUR Million [+]
Car Registrations 17726.00 16400.00 32914.00 5442.00 [+]
Leading Economic Index 1.90 1.90 6.60 -3.90 percent [+]
Internet Speed 12894.80 12576.03 13144.68 2346.55 KBps [+]
IP Addresses 3662187.00 3687295.00 3757415.00 1150694.00 IP [+]
Mining Production 3.50 5.30 80.80 -49.10 percent [+]
Competitiveness Index 70.45 70.20 70.45 4.37 Points [+]
Competitiveness Rank 34.00 34.00 51.00 33.00 [+]
Car Production 25857.00 25718.00 186996.00 806.00 Units [+]
Ease of Doing Business 39.00 34.00 48.00 23.00 [+]
Electricity Production 3687.00 4396.00 5942.00 2106.00 Gigawatt-hour [+]
Corruption Index 64.00 63.00 69.70 55.60 Points [+]
Corruption Rank 30.00 29.00 35.00 19.00 [+]