Portugal Industrial production September 2021

Portugal

Portugal: Industrial output falls in September

October 29, 2021

Industrial production dropped 5.4% year-on-year in seasonally-adjusted terms in September (August: -9.6% yoy s.a.). September's smaller drop was largely driven by a softer fall in manufacturing output, although semiconductor shortages continued to weigh on auto production. In addition, electricity, gas, steam and air conditioning supply production fell at a softer pace.

On a monthly basis, factory output grew 1.6% in seasonally-adjusted terms in September, rebounding from August’s 1.9% fall. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 2.8% in September, down from August's 3.6% reading.

FocusEconomics Consensus Forecast panelists project industrial production to expand 4.2% in 2022, which is down 0.1 percentage points from last month’s estimate. In 2023, industrial output is seen growing 3.2%.


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Portugal Industry September 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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