The Portuguese economic climate indicator dropped to 2.3 in May of 2019 from an upwardly revised 2.5 in the previous month. It was the lowest reading since May 2017, as sentiment deteriorated among constructors (-11.3 from -8.9 in April), manufacturers (-3.7 from -2.9) and retailers (2.7 from 3.2). In contrast, confidence rose among service providers (14.4 from 13.7). Business Confidence in Portugal averaged 1.68 Index Points from 1989 until 2019, reaching an all time high of 5.10 Index Points in March of 1989 and a record low of -4 Index Points in November of 2012.
Business Confidence in Portugal is expected to be 2.20 Index 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 1.40 in 12 months time. In the long-term, the Portugal Business Confidence is projected to trend around 1.00 Index Points in 2020, according to our econometric models.