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.