According to figures from INE the consumer confidence indicator increased from 2.4 points in April to 3.3 points in May, “reaching the maximum value of the series.”
Meanwhile, the economic climate indicator, calculated by surveying companies from a variety of sectors, increased in May to 2.3 points after stabilising in April at 2.1 points, “peaking at its highest level since May 2002,” INE said.
INE added that in May confidence indicators increased in construction and public works and in retail and services, but decreased in manufacturing.
“The increase in the consumer confidence indicator in May reflected the positive contribution of the outlook for unemployment and household financial situation, in a more significant way in the former case,” it said.
This was followed by news that the Portuguese unemployment rate had dropped to 7.5 percent in March, the lowest level since April 2004, the INE said on Wednesday.
This figure was 0.1 percentage points higher than the institute’s provisional estimate for March disclosed last month.
“The March 2018 unemployment rate of 7.5 percent is 0.1 percentage points lower than the month before, 0.4 p.p. lower than three months before and 2.2 p.p. lower than in March 2017” the INE said.