Portugal Industrial production August 2021


Portugal: Industrial output contracts at sharpest pace since June 2020 in August

September 30, 2021

Industrial output nosedived 9.0% year-on-year in seasonally-adjusted terms in August (July: +0.8% s.a. yoy). The result marked the worst reading since June 2020, albeit in part weighed down by a fading base effect. Looking at the details of the release, August's drop was largely driven by a steep fall in electricity, gas, steam and air conditioning supply. Furthermore, manufacturing production also contracted, amid supply disruptions in the auto industry, as did the extractive industries sub-sector.

On a seasonally-adjusted monthly basis, industrial production fell 1.4% in August (July: +3.7% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 3.6%, down from July's 4.7% reading.

FocusEconomics Consensus Forecast panelists project industrial production to expand 4.3% in 2021, which is down 0.4 percentage points from last month’s estimate. In 2022, industrial output is seen growing 3.2%, which is down 0.2 percentage points from the previous month’s forecast.


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Portugal Industrial production Chart

Portugal Industry August 2021 0

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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