Purchases made using a debit card have shrunk in 2012 for the first time since the introduction of the euro, while withdrawals of €10 notes have grown.
This decrease can easily be justified by the enormous number of unemployed people in Portugal, and wage and subsidy cuts are some of the reasons that have been putting a hold on consumerism.
According to the Bank of Portugal statistics, the Portuguese withdrew €2.07 billion in January, around €468 million less compared to December. This 18% reduction is not unusual after Christmas. In January, the Portuguese “shopping” urge usually cools off. Nevertheless, withdrawals have decreased by €5.3 million compared with the same month last year.