Portugal: Industrial output drops at sharpest rate since February in October

Industrial output slid 2.0% year on year in seasonally adjusted terms in October (September: +0.3% s.a. yoy). October's result marked the worst reading since February. The reading came on the back of a fall in manufacturing production. In addition, extractive industries output contracted at a steeper rate.

On a seasonally adjusted monthly basis, industrial output fell at a softer rate of 1.8% in October (September: -2.1% s.a. mom). Meanwhile, the trend improved modestly, with the annual average variation of industrial production coming in at 0.3%, up from September's 0.0%.

FocusEconomics Consensus Forecast panelists project industrial production to expand 0.6% in 2023, which is up 0.4 percentage points from last month’s estimate. In 2024, industrial output is seen growing 2.8%.