Portugal: Industrial output moderates the pace of contraction in February
March 28, 2013
In February, industrial production declined 0.5% over the same month last year. The print represents an improvement compared to the 1.6% fall registered in January and marks, in fact, the softest drop seen since July 2012. The improvement was broad-based as all categories recorded better figures over the previous month. Mining, in particular, registered a rebound in output, while manufacturing fell at a milder pace.
On a monthly basis, industrial production expanded 1.3% in seasonally and working-day adjusted terms, which was down from the 3.8% rise recorded in January. Despite the weaker annual reading, the trend continues to point upwards, with the annual average variation in industrial production edging up from minus 4.7% in January to minus 4.1%.
FocusEconomics Consensus Forecast panellists anticipate that industrial production will contract 2.1% in 2013, which is unchanged from last month's projection. For 2014, the panel anticipates industrial production to expand 0.5%.