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July 01, 2024
António Seladas, CFA
António Seladas, CFA
Portuguese Economy: The budget execution remained poor.
The budget execution remained poor, deficit in a cash basis on May +€2.5BnYtD; +€3.3Bn vs. a surplus in May/23. Revenues are increasing 3.7%YtD, below the initial budget 7%; while costs +12.5%YtD are in line with the initial budget.
July 01, 2024
António Seladas, CFA
António Seladas, CFA
Unemployment rate at 6.5%, is in line with moving averages, so it’s strong, but not improving
The job market remains strong but apparently not improving. In May the unemployment rate at 6.5%; is in line with moving averages.
June 28, 2024
António Seladas, CFA
António Seladas, CFA
Portuguese Economy - May sales volumes: Food: +6.3%YoY
May retail raw sales data, volumes, +4.%YoY; o/w Food: +6.3% and non-Food: +2.0%YoY; surprised. Meanwhile, nominal Food sales +6.4%YoY, points to nil food inflation
June 27, 2024
António Seladas, CFA
António Seladas, CFA
The economy lost momentum over the quarter
The DEI, weekly average, released today, points to June: 2.7%YoY; May 3.8% and April:3.6%. So the economy has lost momentum over the quarter and apparently performed below 1Q24
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