Portugal Industrial production June 2020

Portugal

Portugal: Decline in industrial activity softens in June

July 30, 2020

Industrial production decreased 14.6% year-on-year in June (May: -27.3% yoy). The ease from May’s decline was fueled by softer declines in manufacturing and energy. However, production in the extraction industry deteriorated in June after growing in May.

In seasonally-adjusted terms, industrial production rose 11.2% month-on-month in June, accelerating from the 2.7% rise in May. However, the annual average variation of industrial production continued to fall, as it reached minus 7.1% in June (May: minus 6.4%).

FocusEconomics Consensus Forecast panelists project industrial production to contract 8.5% in 2020, which is down 1.2 percentage points from last month’s estimate, with output expanding 5.4% in 2021.


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Portugal Industry June 20 20 0

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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