Portugal: Industrial production growth picks up pace in January
Annual growth in industrial output increased to 2.8% in January, up significantly from 0.6% in the previous month. The pick-up was mainly attributable to an upturn in the manufacturing sector, while output of consumer goods also grew more rapidly in January than in December; they grew 4.7% year-on-year and 1.6% yoy, respectively. The electricity, gas, steam and air conditioning sector was the sole component that recorded a sharp contraction, of 6.6% year-on-year. Data on the mining and quarrying, and the water, sanitation, and management of waste and depollution sectors has not yet been released.
In seasonally-adjusted, month-on-month terms, industrial production swung from a revised 1.2% contraction in December (previously reported: -0.4% month-on-month) to a 2.5% expansion in January. Lastly, annual average growth in industrial production inched down from 4.0% in December to 3.9% in January.