Markets, Business & Tech Briefing: PSI Jumps 1.47%, BPCE Closes Novo Banco, Bund Spread at 42bps
The latest Portugal news, analysis, and what it means for expats and residents.
INE's Q1 2026 Flash Estimate Stops Quarterly Growth at Zero as April Inflation Jumps to 3.4% — Storm Cluster and Iran Conflict Knock 0.2pp Off GDP, Energy Prices Drive Headline CPI Up 0.7pp in a Month
Statistics Portugal's flash estimates for Q1 GDP and April CPI, published Thursday, point to a stalling economy and reaccelerating prices. Quarterly growth is zero, year-on-year growth holds at 2.3%, and headline inflation lifts to 3.4% on the back of an 11.7% energy contribution.
INE's March Unemployment Read Holds at 5.8% as the Labour Underutilisation Rate Slips to 9.8% — Employed Population Reaches 5.07 Million, the Highest March Reading in the Quarterly Labour Force Survey Series
INE's provisional March 2026 release leaves the unemployment rate at 5.8% — flat on February, 0.5pp below March 2025 — while labour underutilisation eases to 9.8%. The employed population sits at 5.07 million, the strongest March reading in the LFS series.
Bank of Portugal's March Statistical Release Catches Mortgage-Credit Growth at 10.3% — Strongest Annual Pace Since 2003 and Comfortably Above the Eurozone's 2.9%
BdP March data puts the housing-loan stock at €113.6bn — the largest balance since September 2011 — and stamps a 10.3% year-on-year growth rate, the highest since February 2003. Consumer credit climbs 8.5% and business credit 5.6%, both at multi-year highs.
Certificados de Aforro Yields Climb to a One-Year High of 2.195% for May Subscriptions — Series F Pulls Decisively Ahead of Bank Deposits as Euribor Crawl Filters Through to Retail Savers
IGCP confirmed Certificados de Aforro Série F subscriptions opened in May 2026 will yield 2.195%, the highest base rate in twelve months and well ahead of the 1.37% average bank-deposit rate Banco de Portugal logged in February.
Portuguese Goods Exports Tumble 6.4% in the First Quarter as Imports Climb 2.6% — INE's Wednesday Release Catches a Worsening External Balance With the TTE Adjustment Hiding the Real Trend
INE's first-quarter international-trade release on Wednesday catches Portuguese goods exports falling 6.4% year-on-year while imports climb 2.6%, widening the trade deficit and confirming a more serious external slide than Q4 showed.
Markets, Business & Tech Briefing: PSI Slips 0.6%, Galp Bucks Decline, Indaqua Bids Top €1B
The latest Portugal news, analysis, and what it means for expats and residents.