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.
Author: Javier Colato, Economist