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January 02, 2025
António Seladas, CFA
António Seladas, CFA
Two month is a row of poor budget execution
Quick Comment: Debt performance in November, Maastricht definition, €269.1Bn, -25bpMoM/+88bpYoY and €95.4% of GDP (target YE24: 94.5%), Deposits went down €2BnMoM and explains the monthly improvement. In fact, net debt, after deposits...
December 31, 2024
António Seladas, CFA
António Seladas, CFA
Portuguese Economy – November retail sales, volumes +6.4%YoY, o/w Food: +7.4% and non-Food: +5.7%
Summing up, strong retail sales data in November, as was the case of October, volumes, +6.4%YoY; food: +7.4% and non-Food: 5.7%; above moving averages. Consumers remain upbeat, leveraging on lower interest rates, high real salaries and...
December 23, 2024
António Seladas, CFA
António Seladas, CFA
Housing Market Portugal 3Q24 – Prices and volumes outperforming
Summing up, the housing market is gaining strong momentum, prices +9.8%YoY/+3.7%QoQ, while No. of transactions +19.4%/+10.2%QoQ (non-residents -3.1%YoY/+7.8%QoQ). Lower interest rates on mortgages are impacting the housing market.
December 20, 2024
António Seladas, CFA
António Seladas, CFA
Portugal – October External data – Travel revenues growing at lower rates
Summing up, the positive trend at external figures was kept in October, Current Account surplus, 2% of GDP last 12 months, above moving averages. The deficit at Goods balance is stabilizing below 9% of GDP, while the Surplus at the Services...
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