Portugal Industrial production October 2021


Portugal: Industrial output deteriorates in October

November 30, 2021

Industrial output decreased 6.7% year-on-year in seasonally-adjusted terms in October, which was a larger contraction than September's 5.6% decrease. October's sharper drop was largely due to a bigger decrease in manufacturing production. In addition, electricity, gas, steam and air conditioning supply production fell heavily.

On a monthly basis, industrial output grew 0.5% in seasonally-adjusted terms in October, which was below September’s 1.4% expansion. Meanwhile, annual average industrial production growth fell to 2.1% in October (September: +2.8%). This signals a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project industrial production to expand 2.9% in 2022, which is down 0.3 percentage points from last month’s estimate. In 2023, industrial output is seen growing 2.2%.


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Portugal Industrial production Chart

Portugal Industry October 2021

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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