Lisbon, Portugal street

Portugal Industrial production January 2022

Portugal: Industrial output deteriorates in January

Industrial output decreased 3.2% year-on-year in seasonally-adjusted terms in January, which contrasted December’s 0.4% increase. The reading was largely due to a heavy fall in electricity, gas, steam and air conditioning supply production. In addition, the manufacturing sub-sector deteriorated.

On a monthly basis, industrial production fell 5.0% in seasonally-adjusted terms in January, contrasting December’s 1.4% expansion and marking the worst result since November 2020. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 3.3% in January, up from December’s 2.9%.

Looking ahead, energy production is continues facing a setback amid a drought this winter, which is affecting hydroelectric power production—hydropower accounts for 30% of total energy production. Moreover, the increase in fuel prices should be denting the energy sector further.

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