Portugal: Industrial output plunges in April
May 31, 2011
Industrial production dropped a seasonally and calendar-day adjusted 3.6% in April over the previous month, turning negative from a 0.8% expansion recorded in March. The main drivers behind April's contraction were negative readings in the production of energy (-10.4% month-on-month) as well as in the manufacturing of intermediate goods (-5.8% mom). On an annual basis, industrial output contracted 1.7% over April 2010 (March: -1.9% year-on-year). Owing to the weakness of the Portuguese industrial sector, the trend continues to point downwards, with annual average growth stepping down from 0.8% in March to 0.6% in April.