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%.