Portugal: Industrial output rebounds in May
June 30, 2011
Industrial production climbed a seasonally and calendar adjusted 2.8% in May over the previous month, rebounding from a 3.6% drop recorded in April. The main drivers behind May's expansion were positive readings in the production of energy (+19.3% month-on-month) as well as in the manufacturing of capital and intermediate goods (+2.4% mom and +0.8% mom respectively). On an annual basis, industrial output contracted 0.3% over May 2010 (April: -1.7% 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 0.6% in April to 0.3% in May.