Portugal: Drop in industrial production slightly less pronounced in February
March 30, 2015
In February, industrial production declined 1.0% over the same month of last year, which marked a slight improvement compared to the 1.3% fall tallied in January (previously reported: -2.1% year-on-year). According to Statistics Portugal (INE), February’s less pronounced decrease in industrial output was the result of a strong rebound in the electricity, gas and water sector as well as a sharp increase in mining. The electricity sector swung from a 7.2% fall in January to a healthy 2.8% rise in February. The mining sector accelerated from January’s 20.1% increase to a strong 30.7% rise in February, marking the highest reading since October 2011. Manufacturing was the only sector that deteriorated compared to the previous month’s result, contracting 2.0% in February (January: -0.1% yoy).
Compared to the previous month, industrial output fell a seasonally-adjusted 0.5% in February. The result contrasted the 1.6% rise tallied in January. Annual average growth continued to worsen in February, falling to 0.2% from January’s 0.6% increase.
Author: Cecilia Simkievich, Economist