Portugal Industrial production September 2020

Portugal

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.

FocusEconomics Consensus Forecast panelists project industrial production to expand 5.8% in 2021, which is up 0.6 percentage points from last month’s estimate. In 2022, industrial output is seen growing 4.8%.


Author:, Junior Economist

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Portugal Industrial production Chart


Portugal Industry September 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.


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