Portugal Industry May 2018

Portugal

Portugal: Industrial production contracts in May

June 29, 2018

Industrial production contracted 2.7% year-on-year in May, contrasting a revised 4.3% expansion in April (previously reported: +3.8% year-on-year). Looking at a breakdown of the data, all the reported sectors lost traction. While the mining and quarrying sector grew again at a double-digit pace, it lost considerable steam from the previous month. Both the manufacturing and electricity, gas, steam and air conditioning sectors swung into negative territory.

In seasonally-adjusted, month-on-month terms, industrial production contracted 1.9% in May, following a 3.1% drop in April. Annual average growth in industrial production fell to 3.3% in May, down from 4.1% in April.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 1.9% in 2018, which is down 0.2 percentage points from last month’s estimate, and also 2.0% in 2019.


Author:, Economist

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Portugal Industry May 2018 0

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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