Portugal: Industrial output growth loses pace in September
November 2, 2020
Industrial output increased 2.9% in year-on-year terms in September, which was a deterioration from August's 4.2% increase. The slowdown was largely due to a faster decline in extractive industries production. Moreover, manufacturing activity lost steam.
On a seasonally-adjusted monthly basis, industrial output fell 3.8% in September (August: +10.4% mom), the worst result since April. Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 6.2%, up from August's minus 6.9% reading.
Author: Frederico Teixeira de Abreu, Junior Economist