The Consumer confidence indicator increased in May, after declining in the previous three months, significantly in March, and registering in April its lowest value since November 2023. This evolution was driven by positive contributions from expectations regarding the future evolution of both households’ financial situation and the country’s economic situation and, to a lesser extent, by opinions on the past evolution of households’ financial situation. By contrast, expectations on the future evolution of major purchases by households contributed negatively.
The balance of opinions on past price developments decreased slightly in May, after recording in April the highest rise since May 2008. The balance of expectations on future price developments declined in April and May, following three consecutive monthly increases, and reaching in March its highest level since March 2022.
The economic climate indicator increased in April and May, after decreasing significantly in the previous month, returning to the level observed in January and February. The confidence indicators increased in Services, in Construction and Public Works and in Manufacturing Industry, having decreased in Trade.
The confidence indicator of Services increased in May, after having decreased in the previous month, driven by the expressive positive contributions from the perspectives on the evolution of demand and assessments of the firm's activity. In Construction and Public Works, the indicator also increased in the last two months, registering the highest value since June 2025, reflecting the positive contribution of the opinions on current order books. The Manufacturing Industry indicator also increased, albeit slightly, reflecting positive contributions of assessments of stock of finished products and the firm’s production perspectives over the next three months. Conversely, the Trade confidence indicator decreased in May, after having increased in the previous month, reflecting the negative contributions from opinions on the volume of sales and activities perspectives over the next three months.
In May, the entrepreneurs’ expectations regarding the future evolution of selling prices increased in Manufacturing Industry sector, and decreased in Services, in Construction and Public Works and in Trade sectors.
