Portugal: Industrial production growth weakens in February
March 29, 2018
Industrial output grew 2.1% year-on-year in February, slightly weaker than the 2.5% annual expansion in January. The moderation in growth was caused by a slower rise in manufacturing output, which climbed 3.1% in February compared to 4.4% in the previous month. This more than offset a notable jump in the growth of the mining and quarrying sector from 5.2% in January to 10.7% in February. Moreover, electricity, gas, steam and air conditioning supply contracted at a softer pace of 3.7% following a 6.6% drop in the month before. Data on the water, sanitation, and management of waste and depollution sector has not yet been released.
In seasonally-adjusted, month-on-month terms, industrial production swung from a revised 2.7% expansion in January (previously reported: +2.5% month-on-month) to a 2.3% contraction in February. Annual average growth in industrial production inched up from 3.8% in January to 3.9% in February.
Author: Nihad Ahmed, Economist