CONSUMER CONFIDENCE in Portugal has deteriorated since 2006 according to the latest Eurostat European Union statistics.
It fell for the second consecutive month to its lowest level since June 2006, with consumers feeling particularly pessimistic with regards to their capacity to save from their total income.
According to the survey, household savings in Portugal have fallen to their lowest level since June 1986.
Family expectations with regards to the general economic situation in the country, the prospect of improved employment were also negative in July and August of 2007 while company boss confidence was also low for the second month running.
Meanwhile Portugal’s economic growth also suffered a decrease in August for the second consecutive month with a GNP growing at only 0.4 per cent in the second quarter of 2007 as against 0.7 per cent registered in the first three months of 2007.
However, the economy overall in the Euro Zone also shrank back in terms of growth from 3.2 per cent in the first quarter of 2007 to 2.5 per cent.
The general de-acceleration in the economy in Portugal and the Euro Zone countries was explained by a fall in company investment for the first time since 2002.
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