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Portugal Industrial production January 2023

Portugal: Industrial output records quickest growth since June 2021 in January

Industrial production rose 4.5% year on year in seasonally-adjusted terms in January (December: +1.9% s.a. yoy). The print marked the best result since June 2021. The reading reflected a broad-based improvement, with activity in the manufacturing, electricity, gas, steam and air conditioning supply and extractive industries sub-sectors all improving in January.

On a seasonally adjusted monthly basis, industrial production fell 2.6% in January (December: +3.6% mom), the worst result since January 2022. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 1.0%, up from December’s 0.3% reading.

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