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Portugal Industrial production October 2023

Portugal: Industrial activity records softest contraction since February in October

Industrial output slid 1.0% year on year in seasonally adjusted terms in October, which was markedly softer than September’s 6.3% decrease. October’s result marked the best reading since February. The reading reflected a broad-based improvement, with activity in the manufacturing, electricity, gas, steam and air conditioning supply and extractive industries sub-sectors all improving in October.

On a monthly basis, industrial production grew 3.7% in seasonally adjusted terms in October, contrasting September’s 3.2% fall and marked the best result since March 2022. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 2.2%, up from September’s minus 2.3%.

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