Portugal Industrial production July 2021

Portugal

Portugal: Industrial output records slowest growth since February in July

August 31, 2021

Industrial production grew 0.5% year-on-year in seasonally-adjusted terms in July (June: +10.8% s.a. yoy). July's figure marked the worst reading since February. July's notable weakening was partly driven by a deterioration in manufacturing output, which grew at the slowest pace since February, amid a less favorable base effect. In addition, electricity, gas, steam and air conditioning supply production also decelerated. That said, production in mining and quarrying soared.

On a monthly basis, factory output rose 3.4% in seasonally-adjusted terms in July, contrasting June’s 2.2% fall and marked the best result since August 2020. Meanwhile, annual average industrial production growth rose to 4.7% in July (June: +3.9%). This signals an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project industrial production to expand 4.7% in 2021, which is down 1.7 percentage points from last month’s estimate. In 2022, industrial output is seen growing 3.4%.


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Portugal Industry July 2021

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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