Portugal Industry May 2019

Portugal

Portugal: Contraction of industrial sector moderates in May

July 1, 2019

The industrial sector showed improvement in May, with the rate of decline easing compared to April. Industrial production fell 0.6% over the same month of the previous year, following a revised 1.4% drop in April (previously reported: -1.6% year-on-year). A rebound in output in the mining and quarrying sector as well as a softer drop in the supply of electricity, gas, steam and air conditioning were largely behind the upturn.

In seasonally-adjusted, month-on-month terms, industrial production slid 0.6% in May, following the revised 2.6% increase in April (previously reported: +2.6% month-on-month). Lastly, the annual average variation in industrial output ticked up to minus 1.8% in May from minus 1.9% in April.

FocusEconomics Consensus Forecast panelists expect industrial production to decline -1.6% in 2019, which is down 0.3 percentage points from last month’s estimate. They see the industrial sector returning to growth in 2020, with output expanding 1.7% in the year.


Author:, Economist

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Portugal Industry May 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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