Portugal: Industrial output contracts at softer pace in June
Industrial output declined 3.7% year on year in seasonally-adjusted terms in June, which was a smaller drop than May’s 4.6% decrease. Looking at the details of the release, manufacturing output dropped at a sharper pace in June, while electricity, gas, steam and air conditioning supply output declined at a more moderate pace. Meanwhile, extractive industries output expanded.
On a monthly basis, industrial production dropped 0.3% in seasonally adjusted terms in June, contrasting May’s 2.4% expansion. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.7%, down from May’s minus 0.1% reading.