Portugal Industrial production June 2021

Portugal

Portugal: Industrial output growth moderates in June

July 31, 2021

Industrial production rose 10.4% year-on-year in seasonally-adjusted terms in June (May: +26.6% s.a. yoy). June's slowdown was partly driven by a deterioration in manufacturing output as last month’s favorable base effect faded out.

On a monthly basis, factory output dropped 2.5% in seasonally-adjusted terms in June, a smaller drop than May’s 4.8% fall. Meanwhile, annual average industrial production growth rose to 5.3% in June (May: +3.2%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project industrial production to expand 6.4% in 2021, which is up 0.2 percentage points from last month’s estimate. In 2022, industrial output is seen growing 3.6%.


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Portugal Industry June 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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