Portugal: Industrial output stabilizes in December
January 30, 2013
In December, industrial production contracted 4.1% over the same month the previous year, which matched the decline registered in November. The contraction was broad-based as all categories deteriorated, especially the production of electricity, gas and water.
On a monthly basis, however, industrial production declined a softer 1.3% in seasonally and working-day adjusted terms, up from the 3.2% contraction recorded in November.
In the full year 2012, industrial production fell 5.0%, which represented a larger decrease to the 1.9% drop recorded in 2011 and marked a second consecutive year of contracting industrial output.
The Bank of Portugal expects the economy to contract 1.9% this year and to rebound to 1.3% growth in 2014