Portugal: Industrial output records slowest growth since February in July
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.