Macro View

(reading time: 2 mins)

The Bank of Portugal released yesterday evening the monthly Coincident indicators, namely November’s data. The figures were the following:

1 - Economic Activity Coincident Indicator: 2.3%YoY vs. 12MMA (12 months moving average): 1.9% and 3MMA: 2.2%;  

2 - Private Consumption Coincident Indicator: 3.0%YoY vs. 12MMA: 3.4% and 3MMA: 3.0%. 

Separately, the BoP, also released yesterday (weekly data), the Daily Economic Index (DEI), that is also pointing to a strong November (average) +3.2%YoY and +1.6%4Q25tD (It’s more volatile than the Coincident Indicators).            

Our comments: November Coincident Indicators, continue to perform, actually the Economic Activity Indicator, +2.3%YoY is above the moving averages and reached a figure not seen since 1Q24. Meanwhile, Private Consumption, +3%YoY; remains strong, without signals of softening. Finally, the Daily Economic Index was consistent in November, +3.2%YoY.

Summing up, the economy is on track to finish the last quarter of the year, probably, in line with the 3Q25. Meanwhile, the recent improvement on the general index, Economic Activity Indicator, shows other sectors are improving.

Source: INE, BoP, AS Independent Research