Portugal Industrial production August 2020


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.

FocusEconomics Consensus Forecast panelists project industrial production to contract 10.5% in 2020, which is up 3.6 percentage points from last month’s estimate. Meanwhile, industrial output is seen expanding 5.2% in 2021, which is up 1.3 percentage points from the previous month’s forecast.

Author:, Junior Economist

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Portugal Industrial production Chart

Portugal Industry August 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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