Portugal: Contraction of industrial activity eases in July
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.