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July 04, 2024
António Seladas, CFA
António Seladas, CFA
Deposits are growing faster, while Loans demand remains light.
The recent past trend remained in place in May, Deposits keep growing above moving averages, mainly Individuals, in May +5.8%YoY; while the ratio Loans to Deposits is reaching a new low, 0.8186.
July 01, 2024
António Seladas, CFA
António Seladas, CFA
Portuguese Economy: The budget execution remained poor.
The budget execution remained poor, deficit in a cash basis on May +€2.5BnYtD; +€3.3Bn vs. a surplus in May/23. Revenues are increasing 3.7%YtD, below the initial budget 7%; while costs +12.5%YtD are in line with the initial budget.
July 01, 2024
António Seladas, CFA
António Seladas, CFA
Unemployment rate at 6.5%, is in line with moving averages, so it’s strong, but not improving
The job market remains strong but apparently not improving. In May the unemployment rate at 6.5%; is in line with moving averages.
June 28, 2024
António Seladas, CFA
António Seladas, CFA
Portuguese Economy - May sales volumes: Food: +6.3%YoY
May retail raw sales data, volumes, +4.%YoY; o/w Food: +6.3% and non-Food: +2.0%YoY; surprised. Meanwhile, nominal Food sales +6.4%YoY, points to nil food inflation
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