Portugal Industry


Portugal: Industrial production falls again in January

March 2, 2015

In January, industrial production declined 2.1% over the same month of last year, which mirrored December’s revised 2.1% drop (previously reported: -3.5% year-on-year). According to Statistics Portugal (INE), January’s decline in industrial output reflected a sharp contraction in electricity, gas and water, which declined 7.2% in annual terms (December: +7.1% yoy). Manufacturing output also dropped, declining 1.1% (December: -3.6% yoy). Conversely, the mining sector expanded 21.0% (December: +9.5% yoy), which was the highest rate of growth since October 2011. Despite the notable performance in the mining sector, the increase was not large enough to offset the contraction in the manufacturing and electricity sectors.

Compared to the previous month, industrial output rose a seasonally-adjusted 0.8% in January. The result contrasted the 1.9% drop tallied in December and marked a three-month high. Annual average growth continued to worsen in January, falling to 0.5% from December’s 1.0% increase.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.9% this year, which is down 0.5 percentage points from last month’s forecast. For 2016, panel participants expect industrial output to expand 2.5%.

Author:, Economist

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Portugal Industry Chart

Portugal Industry January 2015

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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