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.
Author: Nihad Ahmed, Economist