Portugal Industrial production May 2021


Portugal: Industrial output growth eases in May

June 30, 2021

Industrial output grew 27.1% year-on-year in seasonally-adjusted terms in May (April: +37.3% s.a. yoy). The slower growth was primarily due to decelerating manufacturing and electricity, gas, steam and air conditioning supply production.

On a seasonally-adjusted monthly basis, industrial production fell 4.5% in May (April: +0.5% mom), the worst result since November 2020. Meanwhile, the trend improved notably, with the annual average variation of industrial production coming in at plus 3.3%, contrasting April's minus 1.3% reading.

FocusEconomics Consensus Forecast panelists project industrial production to expand 6.2% in 2021, which is up 0.6 percentage points from last month’s estimate. In 2022, industrial output is seen growing 3.6%.


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Portugal Industrial production Chart

Portugal Industry May 2021 0

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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