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Portugal Industrial production December 2021

Portugal: Industrial output records quickest growth since July in December

Industrial output expanded 0.4% year-on-year in seasonally-adjusted terms in December (November: +0.2% s.a. yoy). December’s figure marked the strongest expansion since July. December’s figure was partly driven by faster growth in manufacturing output growth. In addition, electricity, gas, steam and air conditioning supply output dropped at a softer rate.

On a seasonally-adjusted monthly basis, industrial production rose at a faster rate of 1.8% in December (November: +1.2% mom). Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 2.9%, up from November’s 2.4%.

Looking ahead, energy production is facing a setback amid a drought this winter, which is affecting hydroelectric power production—hydropower accounts for 30% of total energy production. Notably, the government ordered hydropower dams to limit water use, boding ill for electricity output ahead.

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