The Consumer confidence indicator increased in the last two months, slightly in December, after decreasing in the previous month. The increase observed in the reference month was driven by positive contributions from all components: expectations on the future evolution of major purchases by households, of households’ financial situation and, to a lesser extent, of the country’s economic situation and of opinions on the past evolution of households’ financial situation. 

The balance of Consumer opinions on past price developments increased in January, after decreasing in the previous two months, while the balance of expectations on future price developments increased in December and January, following the decreases recorded in the previous three months.

The economic climate indicator decreased in January, after having increased in the previous two months. The confidence indicators decreased in Trade, Manufacturing Industry and Services, having increased in Construction and Public Works.

The confidence indicator in Trade decreased in December and January, reflecting negative contributions from opinions on the volume of sales and activities perspectives over the next three months. The confidence indicator in the Manufacturing Industry also decreased in the last two months, reflecting the negative contribution in the last month of the firm’s opinions on the evolution of the global demand and the production perspectives over the next three months. In turn, the confidence indicator of Services decreased in January, driven by the negative contributions from all three components: perspectives on the evolution of demand, assessments of the firm's activity and opinions on the evolution of the order books. Conversely, the confidence indicator of Construction and Public Works increased in the last month, after having decreased in the previous month, reflecting the significative positive contribution of the perspectives on employment.

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