The Consumer confidence indicator increased in January and slightly in February. The evolution observed in the last month was determined by the positive contributions of the opinions on the past evolution and the perspectives on the future evolution of households’ financial situation. 

The balances of Consumer opinions on past price developments decreased in February, contrary to the increase recorded in the previous month, while the balance of perspectives regarding future price developments increased, following the decrease observed in January, reaching its highest level since December 2022.

The economic climate indicator decreased in January and February, interrupting the upward movement observed since September. The confidence indicators increased in Trade, in Manufacturing Industry and in Construction and Public Works, having decreased significantly in Services.

In the Trade sector, expectations regarding the firm’s activity over the next three months and opinions on the current volume of stocks contributed positively to the indicator. In the Manufacturing Industry, opinions on the overall order books' evolution presented a positive contribution to the evolution of the indicator. The Construction and Public Works confidence indicator increased between December and February, with last month’s evolution reflecting a positive contribution from perspectives on employment. Conversely, the significant decrease in the Services indicator was due to negative contributions from all components, opinions on the evolution of the order books, assessments of the firm's activity and perspectives on the evolution of demand.

The balance of entrepreneurs’ expectations regarding the future evolution of selling prices decreased in February, in Trade, Services and Construction sectors, having increased for the third consecutive month in Industry.