Portugal’s Economic Confidence Improves

The economic climate indicator for Portugal improved in May, according to the country’s National Statistics Institute (INE). The number measures business confidence, and it moved from a record low of negative 3.0 in April to negative 2.5 for May. At the same time, consumer confidence also improved in May, said the INE.

The rebound in business confidence, while still in negative territory, is positive news in the business community for Portugal. The index had a positive reading of 1.1 in May, 2008, and has fallen steadily since then. The consumer confidence indicator had started to rebound in April, when it was at negative 49.5. For May the number moved upward to negative 46.2.

The increase in confidence in Portugal mirrored a rise in economic confidence across the euro zone. European confidence in the economic outlook rose to a six month high in May. The 16 nations that use the euro saw the index of executive and consumer economic sentiment rise to 69.3 from 67.2 in April. The May reading was the highest since November, 2008.

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