Portugal’s business confidence indicator slipped to 2.8 in September 2026 from 2.9 in August. Construction and public works sentiment fell to 4.5 from 4.9 after six consecutive months of improvement, while overall trade confidence dropped sharply to 1.7 from 3.0. The trade decline reflected weaker sentiment among wholesalers, at minus 1.5 from minus 0.1, and retailers, at 4.9 from 6.1. Confidence improved marginally among manufacturers, to minus 4.3 from minus 4.4, and in services, to 8.8 from 8.4. Expectations for faster price growth increased across all sectors, most notably in manufacturing, services and trade, and more moderately in construction and public works.