Portugal Industry April 2016


Industrial production surges in April

In April, Portugal’s industrial production expanded 3.5% over the same month last year. The result marked a substantial rebound over the revised 0.4% contraction observed in March (previously reported: -0.3% year-on-year) and the fastest monthly in increase since October 2015. Looking at the details, April’s jump reflected a rebound in manufacturing production and a significant expansion in electricity production and distribution. Conversely, mining and quarrying and electricity generation posted a sharp drop.

Sequential data corroborated that industrial production recovered March’s lost ground in April. Output increased a whopping 5.5% in April in seasonally adjusted terms, which reversed the 0.6% decrease tallied in March. Due to the strong expansion in April, the trend now points upwards. Annual average growth in industrial production rose from 1.9% in March to 2.2% in April.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.0% this year, which is up 0.4 percentage points from last month’s forecast. For 2017, panel participants expect industrial output to expand 1.9%.

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Portugal Industry Chart

Portugal Industry April 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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