Lisbon, Portugal street

Portugal Industrial production May 2023

Portugal: Decline in industrial output softens in May

Industrial production slid 4.5% year on year in seasonally-adjusted terms in May (April: -6.9% s.a. yoy). The improvement was partly due to a weaker contraction in manufacturing production. In addition, electricity, gas, steam and air conditioning supply output continued to fall at a sharp pace.

On a monthly basis, industrial output rose 2.0% in seasonally adjusted terms in May, contrasting April’s 5.7% fall and marking the best result since December 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at 0.0%, down from April’s plus 0.6% reading.

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