Portugal Industry June 2019

Portugal

Portugal: Contraction of industrial sector worsens in June

July 30, 2019

The industrial sector slumped sharply in June, with the rate of decline deteriorating from May. Industrial production fell 5.8% over the same month of the previous year, following a revised 0.4% drop in May (previously reported: -0.6% year-on-year). A more marked drop in the supply of electricity, gas, steam and air conditioning and a swing to contraction in manufacturing output were behind the downturn. A rebound in mining and quarrying cushioned the fall somewhat.

In seasonally-adjusted, month-on-month terms, industrial production tumbled 4.5% in June, following a revised 0.4% fall in May (previously reported: -0.6% month-on-month). Lastly, the annual average variation in industrial output fell to minus 2.3% in June from minus 1.8% in May.

FocusEconomics Consensus Forecast panelists expect industrial production to decline 1.6% in 2019, which is unchanged from last month’s estimate. They see the industrial sector returning to growth in 2020, with output expanding 1.8% in the year.


Author:, Economist

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Portugal Industry June 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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