BUSINESS CONFIDENCE HIGHEST FOR YEARS
The economic climate in Portugal has reached its highest rating since the start of the economic crisis that befell the country at the beginning of 2002. By grouping the consumer confidence and business confidence indexes, National Statistics (INE) has found that the economic climate has climbed to 0.7 points. The last occasion confidence was as high as it is now, was in July 2002.
Judging by precedents set when consumers and companies were as optimistic as they are now, Portugal can look forward to a promising year on the economic front.
Figures released for November by the INE and reported by the Diário de Notícias on Wednesday have revealed an even greater optimism than that recorded in the summer 2004, when the Portuguese economy appeared to be initiating a widely anticipated economic recovery on the back of successful European football championship, but which failed to materialise.
The economic climate index had reached 0.6 points in August this year, but uncertainty over the state budget and rumours of a cabinet reshuffle resulted in the index falling considerably before recuperating to its new high last month.
National Statistics meanwhile also confirmed that the manufacturing and services industries to have been the biggest contributors to the economic climate’s recovery, attaining confidence levels last seen shortly before 9/11.