The Consumer confidence indicator decreased in March and April, after increasing in the two previous months, registering its lowest value since March 2024. All components of the indicator contributed negatively to the evolution observed in the last month, with opinions on the past evolution of households’ financial situation standing out. 

The balance of Consumer opinions on past price developments increased significantly in April, after decreasing in February and March, while the balance of perspectives regarding future price developments increased markedly in the last three months, reaching its highest level since October 2022.

The economic climate indicator slightly increased, interrupting the downward movement observed in the last three months. The confidence indicators increased in the Manufacturing Industry, stabilized in Trade and decreased in Construction and Public Works and in Services.

In the Manufacturing Industry, the firm’s production perspectives over the next three months and the opinions on the evolution of the overall order books contributed positively to the evolution of the indicator. In the Trade sector, opinions on the volume of sales and expectations regarding the firm’s activity over the next three months contributed positively, offsetting the negative contribution of assessments on the current volume of stocks. The Construction and Public Works confidence indicator decreased in March and April, after increasing in the previous five months, reflecting in the last month the positive contribution from the perspectives on employment. The decrease in the Services confidence indicator was due to negative contributions of opinions on the evolution of the order books and of assessments of the firm's activity. 

The balance of responses from entrepreneurs’ expectations regarding the future evolution of selling prices increased in Trade, in Construction, and for the fifth consecutive month in the Manufacturing Industry, having decreased moderately in Services.

In 2026, most enterprises in Manufacturing Industry (68.9%) and in Services (64.5%) foresee a stabilization in investment compared to 2025. On the other hand, 20.1% of enterprises in Manufacturing Industry and 18.4% in Services anticipate an increase in investment in 2026, while 11.1% and 17.1% of inquired enterprises foresee a decrease in investment.