Portugal Industry July 2016


Industrial production loses ground in July

Portugal’s industrial production edged down again in July after June’s rebound. Industrial output decreased 1.6% over the same month last year, which contrasted the revised 1.2% increase tallied in June (previously reported: +1.1% year-on-year). July’s drop was mainly caused by a double-digit contraction in the mining sector, which more than offset another double digit expansion in electricity generation. Moreover, manufacturing output decreased at a higher rate than last month.

Annual average growth in industrial production fell from a revised 1.6% in June, which slightly exceeded the 1.5% increase previously reported, to 1.2% in July, outlining the evident moderation trend of Portuguese industrial production.

On a seasonally-adjusted month-on-month basis, July’s 1.1% fall substantially contrasted the 2.2% increase tallied in June (previously reported: +2.5% month-on-month).

FocusEconomics Consensus Forecast panelists expect industrial production to rise 0.7% this year, which is down 0.1 percentage points from last month’s forecast. For 2017, panel participants expect industrial output to expand 1.7%.

Author:, Economist

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Portugal Industry Chart

Portugal Industry July 2016 1

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.

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