FX.co ★ Portugal Business Climate at Near 7-Year High

Business confidence in Portugal saw a slight increase in December 2025, reaching 3.1—the highest level since April 2019—up from 3 in November. This uptick was largely driven by improved sentiment among traders, particularly wholesalers, who saw confidence rise to 5.7 from 4.3, and retailers, whose confidence increased to 6.5 from 5.8, buoyed by the anticipation of heightened consumer spending during the Christmas season. Manufacturers also reported a modest gain in confidence, improving to -2 from -2.6. Conversely, service providers experienced a dip in confidence, falling to 6.6 from 7.8, while constructors also reported reduced optimism, down to 2.2 from 2.5.