Portugal Consumer Pessimism Increases

The consumer confidence index in Portugal inched lower in January of 2026 to -14.7 from the one-year high of -14.5 in the previous month, marking the first deterioration in pessimism since September of the previous year. Consumers noted a higher uncertainty on their financial balances (-23.2 vs -23 in December 2025), denting consumers' expectations on their financial situation in the upcoming year (-1.9 vs -1.5). Additionally, pessimism increased for expectations on the country's economic situation in the upcoming year (-22.5 vs -21.6).

The consumer confidence index in Portugal rose to -14.5 in December of 2025 from -15.2 in the previous month, reflecting the softest magnitude of pessimism in one year. Households noted that their perception of the overall economy improved (-32.3 vs -36.4 in November) over the last year, lifting the current evaluation of their current financial balance (17.3 vs 17.1) and the current appetite to make large purchases (-49 vs -50.4). Looking ahead, expectations for households' financial situation remained at a slightly pessimistic measure (at -1.5), and expectations on Portugal's overall economy improved (-21.6 vs -22.6).

Portugal’s consumer confidence improved slightly on a three-month moving-average basis, rising to -15.2 in November from -15.9 in October. However, the month’s effective reading fell after two months of gains. The decline was driven by weaker expectations for the country’s economic outlook, households’ future finances and major purchases, while views on past financial conditions offered a small positive offset. Perceptions of past price developments also eased after a strong rise in October, and expectations for future prices fell between September and November. Meanwhile, the economic climate indicator strengthened, continuing its upward trend since April. Confidence improved in trade, manufacturing, and construction, though it slipped in services.