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February 19, 2026
António Seladas, CFA
António Seladas, CFA
Portugal – December External data – Travel account surplus, -1.5%YoY
In a nutshell, external data in December, was on the weak side, namely Travel surplus went down 1.5%YoY, the first negative growth since the Covid years (March 2021), while the Services account surplus is adjusting, at a faster pace, -8.1%YoY...
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...
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