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April 04, 2023
António Seladas, CFA
António Seladas, CFA
Portugal Economy: Government gross debt in percentage of GDP keeps increasing
The process of increasing Deposits remains in place, and it should take more 2 or 3 months, after the strong reduction by the end of last year. So the Debt to GDP ratio is now around 115% vs. a target for the yearend of 111%.
April 04, 2023
António Seladas, CFA
António Seladas, CFA
Portuguese Economy - February budget execution surprised on the upside
February’s budget execution surprised on the upside, surplus improved €975MnYoY to +€287M; +€2.3BnYtD vs. +€1.14Bn YtD/22; while the deficit vs. GDP on a trailing cash basis (last 12 months) is now: -1% vs. December/22: -1.5% and Feb/22: -2.8%.
April 03, 2023
António Seladas, CFA
António Seladas, CFA
Portuguese Banking Industry, February – Liquidity remains plenty, while NIM slightly adjusted
In a nutshell, there’s still plenty of liquidity in the system, the ratio Loans to Deposits, despite a slightly increase over the last 2 months remains well below 1x (at 0.8531), so time deposits remuneration should continue to increase.
March 30, 2023
António Seladas, CFA
António Seladas, CFA
Febraury’s job data – Unemployment rate came down, while Active population is reaching new highs
The unemployment rate went down 20bp to 6.8%m while the “Employed population” and the “Active population” keep growing.
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