Portugal Industry December 2018

Portugal

Portugal: Contraction of industrial sector eases in December

January 30, 2019

Portugal’s industrial output fell for the eighth consecutive month in December, although the rate of contraction eased markedly. The industrial sector contracted 0.3% over the same month of the previous year in December, following a 3.1% year-on-year drop in November. Behind the improved print was an acceleration in the mining and quarrying sector and a reduced rate of decline in manufacturing output. An upturn in both countered the electricity, gas, steam and air conditioning sector’s swing to contraction in December, from expansion in November.

In seasonally-adjusted, month-on-month terms, industrial production rebounded in December, growing 1.1% over the previous month, contrasting a revised 2.9% month-on-month in November (previously reported: +2.4% month-on-month). Annual average growth in industrial output remained flat in December, matching November’s reading.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 1.2% in 2019, which is down 0.7 percentage points from last month’s estimate. For 2020, the panel sees growth in industrial output inching down to 1.1%.


Author:, Economist

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Portugal Industry December 2018

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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