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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...
February 11, 2026
António Seladas, CFA
António Seladas, CFA
CPI Portugal final data – January CPI: 1.92%YoY (Core 1.80%), o/w - Services inflation 3.15%...
CPI Portugal final data – January CPI: 1.92%YoY (Core 1.80%), o/w - Services inflation 3.15%; clearly below moving averages and Goods inflation 0.99%; below moving averages. Inflation at Services, surprised and justifies the lower inflation data.
February 04, 2026
António Seladas, CFA
António Seladas, CFA
Portuguese Banking Industry, December – Loans volumes continue to grow...
Summing up, December’s banking data confirms the recent trend, individuals time-deposit interest rates flat MoM and our NIM’s proxy (stock) almost flat on a quarterly basis...
February 02, 2026
António Seladas, CFA
António Seladas, CFA
Portuguese Economy - Public Debt finished the year below 90% of GDP
Quick Comment: All in all, a positive budget execution, in 2025, even that structural expenditures, Employees: +8.2%YoY and Current Transfers: +5.1%YoY; continue to increase, partially offset by Interest Charges: -2.2%...
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