Portugal Industrial production May 2022

Portugal

Portugal: Industrial output rebounds in May

July 21, 2022

Industrial output rose 3.0% year-on-year in seasonally-adjusted terms in May, which contrasted April's 1.3% decrease. Looking at the details of the release, manufacturing output rebounded in May, and the contraction in electricity, gas, steam and air conditioning supply output softened.

On a monthly basis, factory output fell 0.6% in seasonally-adjusted terms in May, following April’s 2.1% contraction. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at minus 1.2%, down from April's 0.2%.

FocusEconomics Consensus Forecast panelists project industrial production to expand 2.9% in 2022, which is up 0.7 percentage points from last month’s estimate. In 2023, industrial output is seen growing 2.5%.


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