The Consumer confidence indicator decreased in November, after increasing in the previous two months. The decline observed in the last month was driven by negative contributions of expectations on the future evolution of the country’s economic situation, of households’ financial situation and of major purchases by households. In contrast, opinions on the past evolution of households’ financial situation contributed positively. 

The balance of Consumer opinions on past price developments decreased in November, after increasing significantly in the previous month, while the balance of expectations on future price developments declined between September and November, following the increases of the previous two months.

The economic climate indicator increased in November, recovering the upward movement observed since April. The confidence indicators increased in Trade, Manufacturing Industry and in Construction and Public Works, having decreased in Services.

The Trade confidence indicator increased in the last five months, reflecting in November the positive contributions from all the components, expectations on the firm’s activity over the next three months, opinions on the volume of sales and assessments on the current volume of stocks. The confidence indicator in the Manufacturing Industry also increased in November, after having decreased in the precedent month, reflecting the positive contribution in the last month of the firm’s opinions on the evolution of the overall order books and, to a greater extent, of the production perspectives over the next three months. In turn, the confidence indicator of Construction and Public Works increased in October and November, reflecting the significant positive contribution of opinions on current order books, having the perspectives on employment stabilized. On the contrary, the confidence indicator in Services decreased in the last month, driven by the negative contribution of assessments of the firm's activity and perspectives on the evolution of demand.

In November, the entrepreneurs’ expectations regarding the future evolution of selling prices increased in all sectors of Manufacturing Industry, Trade, Services and Construction and Public Works.