Portugal Industrial production February 2022

Portugal

Portugal: Industrial output deteriorates in February

April 4, 2022

Industrial output declined 4.3% year-on-year in seasonally-adjusted terms in February, which followed January's 3.4% decrease. February's worsening was largely driven by a deterioration in electricity, gas, steam and air conditioning supply and extractive industries output. However, manufacturing production rebounded solidly.

On a seasonally-adjusted monthly basis, industrial production rebounded, rising 0.6% in February (January: -5.1% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 3.1%, down from January's 3.3%.

Looking ahead, energy production is continues facing a setback amid a drought this winter, which is affecting hydroelectric power production—hydropower accounts for 30% of total energy production. Moreover, the increase in fuel prices should be denting the energy sector further.

FocusEconomics Consensus Forecast panelists project industrial production to expand 2.9% in 2022, which is up 0.7 percentage points from last month’s estimate. In 2023, industrial output is seen growing 2.5%.


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