Portugal: Industrial outputs plunges at sharpest rate in almost eight years in March
Industrial production dived 7.2% in March over the same month of the previous year, contrasting the revised 0.9% rise in February (previously reported: +1.0% year-on-year) and marking the sharpest contraction in output since April 2012. The downturn was primarily driven by a steeper fall in the manufacturing sector, while mining activity also contracted in the month.
In seasonally-adjusted month-on-month terms, industrial production plummeted 8.3% in March, following February’s 2.9% downturn, and marking the worst result since records began in 2010. Lastly, the annual average variation in industrial output fell 1.8% in March, unchanged from the previous month.