Portugal: Industrial production declines in December
January 30, 2015
In December, industrial production declined 3.5% over the same month of the previous year, which followed the 1.7% contraction tallied in November and marked the lowest reading in two years. According to Statistics Portugal (INE), December’s decline in industrial output reflected a sharp contraction in manufacturing, which declined 5.4% in annual terms (November: -2.6% year-on-year). Conversely, the mining sector expanded 10.5% (November -8.8% yoy), which marked the highest result since November 2013. Electricity, gas and water grew 7.1% (November: -2.6% yoy).
Compared to the previous month, industrial output also deteriorated in December. Industrial production dropped 3.0% in seasonally- and working-day adjusted terms, which was a much more pronounced contraction than the 0.5% decline posted in November. December’s monthly drop marked a nine-month high. As a result, annual average growth worsened, falling to a 0.9% expansion from November’s 1.5% increase.
Author: Cecilia Simkievich, Economist