Portugal Industrial production January 2021


Portugal: Industrial activity records largest decline in six months in January

March 2, 2021

Industrial output dropped a seasonally-adjusted 6.5% compared to the same month a year earlier in January, which was a deterioration from December's 4.6% decrease, and the worst performance since July 2020. The reading was largely driven by a deterioration in manufacturing output. In addition, mining and quarrying production plunged in January, following growth in December. Meanwhile, electricity, gas, steam and air conditioning supply output continued to fall at a sharp, albeit softer, pace.

On a seasonally-adjusted monthly basis, industrial production fell 1.3% in January (December: +1.8% momsa). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.7%, down from December's minus 7.0%.

FocusEconomics Consensus Forecast panelists project industrial production to expand 5.2% in 2021, which is unchanged from last month’s estimate. In 2022, industrial output is seen growing 3.7%.


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Portugal Industrial production Chart

Portugal Industry January 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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