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September 19, 2024
António Seladas, CFA
António Seladas, CFA
Portugal – July External figures – Services +10.9%YoY, while Travel only +9.3%YoY
In a nutshell, the positive trend at the Payments Account remained in place in July. The Current Account surplus, last 12 months in percentage of GDP, +2.3%; is above the moving averages, actually is at a record level, at least, for the last 15 years
September 19, 2024
António Seladas, CFA
António Seladas, CFA
Quick Comment: Portugal – Daily Economic Indicator – The 3Q24 remains on the weak side
The DEI over the 3Q24 is, apparently, consolidating below prior quarters and September’s data, despite better than the week before remains weak. All in all, the 3Q24 is showing signals of weakness, in line with other data.
September 12, 2024
António Seladas, CFA
António Seladas, CFA
Daily Economic Indicator and Coincident Indicators – The economy has lost steam over the quarter
An economic slowdown over the 3Q24, despite higher real salaries and lower interest rates. Apparently, the 2H24 should underperform the 1H24 (+1.5%), as the quarter has been losing steam.
September 11, 2024
António Seladas, CFA
António Seladas, CFA
CPI Portugal – August’s CPI, +1.86%YoY and Core +2.37%... Services +3.6% remain a source of pressure
Inflation and core inflation, 1.86%YoY and 2.37%YoY; respectively; in line with preliminary data. Core data is resilient at 2.4%, mainly due to Services, +3.56%YoY/+60bpMoM, is a source of pressure.
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