Portugal: Industrial output expands most in over six years
June 28, 2013
In May, industrial production rose 4.4% over the same month last year, which marks a second consecutive positive reading and the largest gain observed since January 2007. In addition, the print follows the revised 2.4% increase registered in April (previously reported: +1.8% year-on-year). The improvement was mainly due to a rebound in the mining sector and a healthy rise in manufacturing output. On the other hand, electricity, gas and water continued to expand, albeit at a softer pace.
On a monthly basis, industrial production expanded 6.1% in seasonally and working-day adjusted terms, which contrasts the 3.2% drop tallied in April. As a result of the strong annual reading, the trend continues to point upwards, with the annual average variation in industrial production edging up from minus 3.1% in April to minus 2.1% in May.
FocusEconomics Consensus Forecast panellists anticipate that industrial production will contract 1.2% in 2013, which is up 1.7 percentage points from last month's projection. For 2014, the panel anticipates industrial production to expand 0.5%.