Portugal Industrial production April 2021

Portugal

Portugal: Industrial output records best result on record in April

June 1, 2021

Industrial output rose 36.9% year-on-year in seasonally-adjusted terms in April, which was up from March’s 5.7% increase. April's print marked the strongest increase on record. The notable upturn reflected a significant expansion in manufacturing and mining and quarrying output, but was supported by a favorable base effect. Meanwhile, electricity, gas, steam and air conditioning supply production also expanded solidly. However, both the electricity, gas, steam and air conditioning supply and manufacturing sectors remained below pre-pandemic levels.

On a monthly basis, industrial production grew 0.5% in seasonally-adjusted terms in April, rebounding from March’s 0.7% fall. Meanwhile, the trend improved notably, with the annual average variation of industrial production coming in at a two-year high of minus 1.4% in April, up from March's minus 6.9% reading.

FocusEconomics Consensus Forecast panelists project industrial production to expand 5.6% in 2021, which is up 0.5 percentage points from last month’s estimate. In 2022, industrial output is seen growing 3.6%.


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Portugal Industry April 2021 0

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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