FX.co ★ Portugal Business Climate Steady in July

Portugal's business confidence indicator held steady at 2.8 in July 2026, unchanged from June, when it reached its highest level since March. Confidence strengthened in construction and public works, rising to 4.6 from 4.3, supported by improved employment prospects and more positive evaluations of order books. Manufacturing sentiment also ticked up, though it remained in negative territory (-4.3 vs -4.4). By contrast, trade confidence declined to 3.7 from 4.2, reflecting less favorable assessments of sales volumes and activity expectations over the next three months. Meanwhile, confidence in the services sector edged down slightly to 8.4 from 8.5, as weaker perceptions of order books and demand prospects more than offset other supporting factors.