Portugal Industry June 2016


Industrial production rebounds in June

In June, Portugal’s industrial production rebounded and regained part of May’s lost ground. Industrial output increased 1.1% over the same month last year, which contrasted the 2.1% decline observed in May. May’s contraction represented the fastest decrease in nearly three years. Meanwhile, June’s rebound was due entirely to another double-digit expansion in electricity generation—a volatile sub-component. Conversely, manufacturing output and mining and quarrying continued to decrease, although at a slower pace than in the previous month.

Despite the rebound, the trend continues to suggest moderation. Annual average growth in industrial production fell from 1.7% in May to 1.5% in June.

Sequential data corroborated the improvement suggested by the annual data. Industrial output increased a seasonally-adjusted 2.5% over the previous month in June, which was an improvement on the 3.5% decrease tallied in May.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 0.8% this year, which is up 0.1 percentage points from last month’s forecast. For 2017, panel participants expect industrial output to expand 1.6%.

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Portugal Industry Chart

Portugal Industry June 2016

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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