Portugal Industry May 2016

Portugal

Portugal: Industrial production drops sharply in May

June 30, 2016

In May, Portugal’s industrial production contracted substantially and lost part of the ground gained in April. Industrial output decreased 2.0% over the same month last year, which marked a sharp decline over the 3.5% expansion observed in April and the fastest decrease in nearly three years. May’s contraction reflected a sharp drop in manufacturing output and a decrease in mining and quarrying. Conversely, electricity generation showed another healthy increase.

Sequential data corroborated that industrial production deteriorated in May. Output decreased 3.7% in May in seasonally-adjusted terms, which partially reversed the 5.3% decrease tallied in April. Due to the strong contraction in May, the trend now points downwards. Annual average growth in industrial production fell from 2.2% in April to 1.7% in May.

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 May 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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