Portugal Industrial production July 2022


Portugal: Industrial output deteriorates in July

September 1, 2022

Industrial output fell 0.1% year on year in seasonally-adjusted terms in July (June: +3.9% s.a. yoy). The result was largely driven by weaker manufacturing output growth. In addition, extractive industries and energy output contracted heavily.

On a monthly basis, industrial output dropped 0.4% in seasonally-adjusted terms in July, a smaller decrease than June’s 1.4% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.8%, down from June's minus 1.7%.

FocusEconomics Consensus Forecast panelists project industrial production to expand 0.3% in 2022, which is unchanged from last month’s estimate. In 2023, industrial output is seen growing 0.6%.


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Portugal Industrial production Chart

Portugal Industry July 2022

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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