Portugal: Industrial output growth loses pace in September

Industrial output rose 0.9% year on year in seasonally-adjusted terms in September, which was a deterioration from August's 5.4% increase. September's reading was chiefly driven by a deterioration in manufacturing production growth, as it recorded the weakest reading since April. In addition, electricity, gas, steam and air conditioning supply output fell.

On a seasonally adjusted monthly basis, factory output fell 2.5% in September (August: +2.8% mom), the worst result since January. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at 0.1%, contrasting August's minus 0.4%.

FocusEconomics Consensus Forecast panelists project industrial production to expand 0.2% in 2023, which is unchanged from last month’s estimate. In 2024, industrial output is seen growing 0.5%.