Portugal Industrial production February 2021

Portugal

Portugal: Decline in industrial activity softens in February

March 30, 2021

Industrial output dropped a seasonally-adjusted 2.4% compared to the same month a year earlier in February, moderating from January’s 6.2% plunge. February’s softer downturn was largely driven by a notably weaker contraction in mining and quarrying output. Meanwhile electricity, gas, steam and air conditioning supply output bounced back solidly.

On a seasonally-adjusted monthly basis, industrial production grew 1.2% in February, rebounding from January’s 1.1% slide. Meanwhile, the trend deteriorated further, with the annual average variation of industrial production coming in at minus 8.0%, down from January’s minus 7.7%.

FocusEconomics Consensus Forecast panelists project industrial production to expand 5.1% in 2021, which is down 0.1 percentage points from last month’s estimate. In 2022, industrial output is seen growing 4.0%.


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Portugal Industry February 2021 1

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


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