Portugal Industrial production October 2020

Portugal

Portugal: Industrial output growth wanes in October

December 2, 2020

Industrial production increased 0.1% year-on-year in October (September: +2.8% yoy). October's notable slowdown was largely due to a sharper sharp udden drop in manufacturing output. In addition, electricity, gas, steam and air conditioning supply output decelerated.

On a seasonally-adjusted monthly basis, industrial production rebounded, rising 0.7% in October (September: -3.4% mom). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 6.1% in October, up from September's minus 6.3%.

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%.


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Portugal Industry October 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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