Portugal Industrial production November 2020

Portugal

Portugal: Industrial output dips in November

December 30, 2020

Industrial output slid 3.6% compared to the same month a year earlier in November, which contrasted October's 0.4% increase. Looking at the details of the release, the contraction in manufacturing production deepened in November, and electricity, gas, steam and air conditioning supply output swung to contraction. Contrastingly, extractive industries output dropped at a softer pace.

On a seasonally-adjusted monthly basis, industrial production fell 5.0% in November (October: +1.2% mom), the worst result since April. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.4% in November, down from October's minus 6.1% reading.

FocusEconomics Consensus Forecast panelists project industrial production to expand 6.6% in 2021, which is up 0.7 percentage points from last month’s estimate. In 2022, industrial output is seen growing 4.6%.


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Portugal Industrial production Chart


Portugal Industry November 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.


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