Portugal: Industrial output falls at unparalleled pace in April on Covid-19 blow
June 1, 2020
Industrial production collapsed an unprecedented 25.9% year-on-year in April (March: -6.8% year-on-year) due to activity restrictions amid the measures enacted to contain Covid-19’s spread. The downturn reflected an across-the-board decline in the extractive, manufacturing, utilities and water supply sectors.
In seasonally-adjusted month-on-month terms, industrial production dived 18.2% in April, following March’s 7.8% plunge. Lastly, the annual average variation in industrial output fell to minus 3.7% from minus 1.6% in the previous month.
Author: Javier Colato, Economist