Portugal Industry February 2019

Portugal

Portugal: Contraction of industrial sector eases in February

March 29, 2019

Portugal’s industrial sector contracted for the fourth consecutive month in March amid a wider global slowdown, although the rate of decline eased somewhat from February. Industrial production fell 2.5% over the same month of the previous year in February, down from a revised 3.3% drop in January (previously reported: -3.0% year-on-year). The improvement was underpinned by a rebound in manufacturing output, although the upturn was mild. On the flip side, the mining and quarrying sector continued to slow, while the supply of electricity, gas, steam and air conditioning contracted at a markedly sharper rate.

In seasonally-adjusted, month-on-month terms, industrial production declined 1.5% in February, contrasting a revised 1.2% rise in January (previously reported: +0.8% month-on-month). Meanwhile, annual average growth in industrial output fell to minus 1.0% in February, from minus 0.6% in January.

FocusEconomics Consensus Forecast panelists expect industrial output to expand 0.2% in 2019, which is down 0.8 percentage points from last month’s estimate. For 2020, the panel sees industrial production growth accelerating to 1.5%.


Author:, Economist

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Portugal Industry Chart


Portugal Industry February 2019

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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