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.