Lisbon, Portugal street

Portugal Industrial production May 2024

Portugal: Industrial output records largest drop in over one year in May

Industrial output decreased 3.2% in month-on-month seasonally adjusted terms in May, which was a deterioration from April’s 2.2% decrease. May’s result marked the worst reading since April 2023. Looking at the details of the release, May saw sharper contractions in manufacturing and energy supply production. Meanwhile, mining and quarrying output growth accelerated.

On an annual basis, factory output rose 0.9% in seasonally adjusted terms in May, which was significantly below April’s 5.6% expansion. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 1.5%, up from April’s minus 2.1%.

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