October 17, 2025
(reading time: 2 mins)
The Bank of Portugal released yesterday the monthly Coincident indicators, namely September’s data. The figures were the following:
1 - Economic Activity Coincident Indicator: 1.8%YoY vs. 12MMA (12 months moving average): 1.8% and 3MMA: 1.8%;
2 - Private Consumption Coincident Indicator: 2.9%YoY vs. 12MMA: 3.3% and 3MMA: 3.0%.
Our comments: September Coincident Indicators released yesterday evening (past data was reviewed slightly upwards), continue to show Private Consumption outperforming, +2.9%YoY, despite slightly below moving averages, while the general indicator, Economic Activity remains less strong, +1.8%YoY, in line with moving averages (please see graphs below).
Source: INE, BoP, AS Independent Research
Antonio Seladas
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