Portugal Industry July 2019

Portugal

Portugal: Contraction of industrial activity eases in July

August 30, 2019

The industrial sector showed improvement in July, with the rate of contraction easing from a revised 5.5% in June (previously reported: -5.8% year-on-year) to 3.5%. July’s print reflected softer declines in both the manufacturing sector and the supply of electricity, gas, steam and air conditioning. Data on the mining and quarrying has not yet been made available.

In seasonally-adjusted, month-on-month terms, industrial production rose 3.5% in July, rebounding from a revised 4.7% drop in June (previously reported: -4.5% month-on-month). Lastly, the annual average variation in industrial output edged down to minus 2.4% from minus 2.2% in June.

FocusEconomics Consensus Forecast panelists expect industrial production to decline 2.4% in 2019, which is down 0.8 percentage points from last month’s estimate. They see the industrial sector returning to growth in 2020, with output expanding 1.8% in the year.


Author:, Economist

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Portugal Industry July 2019 0

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.


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