Portugal: Decline in industrial activity softens in February
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%.