Portugal: Industrial production eases pace of decline
November 30, 2012
In October, industrial production contracted 4.3% over the same month last year, which marked an improvement over the 9.5% decline observed in September. The improvement over the previous month was driven by a rebound in manufacturing output. On the other hand, electricity, gas and water supply as well as mining suffered sharp contractions in annual terms. On a monthly basis, however, industrial production expanded a strong 4.9% in seasonally and working-day adjusted terms, which contrasted the 12.1% fall recorded in September. Despite the smaller monthly fall, the trend continues to point downwards, with the annual average variation in industrial production edging down from minus 5.1% in September to minus 5.4%.