Portugal: Industrial output rebounds strongly in April
May 30, 2013
In April, industrial production rose 1.8% over the same month last year, which marks the first positive reading since February 2011. In addition, the print contrasts the revised 1.3% drop registered in March (previously reported: +0.8% year-on-year). The improvement was mainly due to a rebound in manufacturing output. On the other hand, the mining sector dipped further in the red, while electricity, gas and water continued to expand, albeit at a softer pace.
On a monthly basis, however, industrial production contracted 3.7% in seasonally and working-day adjusted terms, which contrasts the 3.0% rise tallied in March. As a result of the positive annual reading, the trend continues to point upwards, with the annual average variation in industrial production edging up from minus 3.9% in March to minus 3.1% in April.
FocusEconomics Consensus Forecast panellists anticipate that industrial production will contract 2.9% in 2013, which is down 0.1 percentage points from last month's projection. For 2014, the panel anticipates industrial production to expand 0.2%.