The Consumer confidence indicator increased in May, following the decreases of the previous two months and after registering in April its lowest value since March 2024. The evolution observed in the last month was mainly driven by the positive contribution of the expectations on the future evolution of the country’s economic situation, with opinions on the past evolution and perspectives on the future evolution of households’ financial situation also contributing positively. 

The balance of Consumer opinions on past price developments decreased in May, following a significant increase observed in April, while the balance of perspectives regarding future price developments decreased markedly in the last month, after the significant increases in the previous three months.

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

The Services confidence indicator increased in May, after three consecutive months of decline, with pronounced positive contributions of all components in the last month, opinions on the evolution of the order books, perspectives on the evolution of demand and opinions on the evolution of the business. In the Manufacturing Industry, the indicator has increased moderately since February, with only the opinions on the current stocks of finished products contributed positively in the last month. Also, the confidence indicator of Construction and Public Works increased in May, after having decreased in the previous two months, reflecting the positive contribution of both components, perspectives on employment and opinions on current order books. In contrast, the Trade confidence indicator decreased between March and May, reflecting the negative contribution of the opinions on the volume of sales and on the current volume of stocks.

In May, the entrepreneurs’ expectations regarding the future evolution of selling prices increased significantly in the Trade and Services sectors, having decreased in Construction and Public Works and, more sharply, in Manufacturing Industry, interrupting the upward movement observed between December and April.