Portugal: Industrial output posts quickest growth since December 2019 in August
September 30, 2020
Industrial production expanded 3.0% year-on-year in August (July: -8.8% yoy). The print marked the strongest expansion since December 2019.
The notable pick up was largely due to a rebound in both manufacturing and electricity, gas and steam production. Contrastingly, extractive industry output fell at a sharper pace.
On a monthly basis, industrial production increased 10.0% in seasonally-adjusted terms in August, which was significantly below July’s 12.7% expansion. Meanwhile, the trend improved notably, with the annual average variation of industrial production coming in at minus 7.1% in August, up from July's minus 7.8% reading.
Author: Frederico Teixeira de Abreu, Junior Economist