The company that runs the ATM network in Portugal has reported 93.4 million withdrawals amounting to €3.7 billion in the run-up to Christmas, which, with spending in shops using bank cards, added up to a recent record.
The amount spent per transaction is a rise on recent years - in fact it is the highest per head spend since 2000.
In the month to December 27th, the Portuguese spent 7.3% more than last year, despite savings being at a recent all time low. More than 93 million transactions were made with the value of each, up 40%.
The Portuguese made fewer withdrawals last year, but of a higher value. On average €67 was withdrawn at each visit.
This increase in spending may indicate a rise in consumer confidence, the small rise in the minimum wage to €530 per month or a desperate last ditch attempt to cheer families up in the face or next year’s predicted price rises.
The Portuguese can count on a rise in price for electricity, bread, rent and telecommunications but the price of gas, milk and public transport should stay the same.
Tolls are going up five cents in 2016, but the increase is limited to 10% of the network.
Electricity rates in the regulated market will rise 2.5% for domestic consumers from 1 January, representing an increase of €1.18 in an average monthly bill of €47.6.
The price of bread should go up half a cent per loaf and Meo and Vodafone telecommunications prices will rise on average 2.5%, from 01 and 13 January, respectively, while the NOS tariff already has gone up, but by how much is not yet clear.
Comments
The question for the Portuguese Government is what proportion of this spend stays in Portugal to regenerate more buying and selling. And how much goes overseas to help grow other countries economies?
Quite right, I have altered the text as the €40 figure was the average spend per transaction,. Thanks for pointing this out.
Ed
No matter how many times I divide 3.7 billion into a population of 10 million I get a per head figure of closer to 400 euro not 40.