Portugal: Industrial activity remains fragile
May 30, 2011
Industrial production increased a seasonally and calendar-day adjusted 0.4% in March over the previous month, moderating from a 2.2% expansion recorded in February. The expansion reflected strong growth in the manufacture of capital goods (+1.1% month-on-month) and energy production (+1.7% mom). On an annual basis, industrial output contracted 2.4% over March 2010 (February: +2.6% year-on-year). Owing to the weakness of Portuguese industrial sector, the trend points downwards, with annual average growth stepping down from 1.3% in February to 0.7% in March.