Portugal: Contraction of industrial sector eases in February
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.