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February 26, 2026
António Seladas, CFA
António Seladas, CFA
Portuguese Economy: ESI in February, improved, but remains volatile
Summing up, the Euro Area ESI in February, slightly adjusted -100bpMoM, after a strong January, even so data remains above the moving averages, so the smooth upwards trend remains in place. Meanwhile, in Portugal data remains volatile...
February 20, 2026
António Seladas, CFA
António Seladas, CFA
Portugal – January Coincident Indicators,keep the trend
Quick Comment: Portugal – January Coincident Indicators keep performing, mainly Private Consumption, +3.3%YoY; around moving averages...
February 19, 2026
António Seladas, CFA
António Seladas, CFA
Portugal – December External data – Travel account surplus, -1.5%YoY
In a nutshell, external data in December, was on the weak side, namely Travel surplus went down 1.5%YoY, the first negative growth since the Covid years (March 2021), while the Services account surplus is adjusting, at a faster pace, -8.1%YoY...
February 17, 2026
António Seladas, CFA
António Seladas, CFA
Portugal – 4Q25 salaries +5.3%YoY; smoothly adjusting
Summing up, average wage increases, over the 4Q25, 5.3%YoY; below 12MMA, 5.8%; meanwhile, December increase, 5.1%YoY, the lowest figure since December 2022. Nevertheless, real wages increase remain close to 3%; incentivizing domestic consumption...
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