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Portugal Industrial production April 2024

Portugal: Industrial output plummets to one-year low in April

Industrial output dropped 2.4% in month-on-month seasonally adjusted terms in April, which contrasted March’s 2.8% increase. April’s outturn marked the worst reading in one year. Looking at the details of the release, manufacturing production decreased at a sharper pace in April, while electricity, gas, steam and air conditioning supply output swung to contraction. That said, mining and quarrying production rebounded in April.

On a seasonally adjusted annual basis, industrial output rose at a quicker rate of 5.2% in April (March: +4.0% yoy), the best result since August 2022. Accordingly, the trend improved, with the annual average variation of industrial production coming in at minus 2.1%, up from March’s minus 3.0% reading.

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