Portugal Industry March 2016


Portugal: Industrial production contracts in March

April 29, 2016

In March, Portugal’s industrial production contracted 0.3% over the same month last year. The result marked a substantial deterioration over the upwardly revised 2.1% increase observed in February (previously reported: 1.1% year-on-year) and the first drop in output since April 2015. Looking at the details, March’s drop was solely the result of a contraction in manufacturing output, which swung from a 2.0% increase in February to a 1.5% decrease in March. Conversely, mining and quarrying and electricity generation posted solid gains.

A month-on-month comparison corroborates the deterioration suggested by the annual data as industrial production contracted 0.7% in March in seasonally adjusted terms, which reversed the 0.7% rise tallied in February. Due to the year-on-year decline in change, the trend now points downward, following a peak in February. Annual average growth in industrial production fell from 2.3% in February to 1.9% in March, which suggests that the industrial sector is struggling to gain momentum.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.0% this year, which is up 0.4 percentage points from last month’s forecast. For 2017, panel participants expect industrial output to expand 1.9%.

Author:, Senior Economist

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Portugal Industry Chart

Portugal Industry March 2016

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.

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