Portugal: Industrial production increases in August
September 30, 2016
Portugal’s industrial production edged up in August after July’s drop. Industrial output increased 1.0% over the same month last year, which contrasted the revised 1.5% fall recorded in July. August’s increase was mainly caused by an impressive double-digit expansion in the energy sector, which more than offset another double-digit drop in mining. Moreover, manufacturing output decreased at a slower rate than in July.
Annual average growth in industrial production stayed at July’s 1.2%, which is a break from the moderating trend that had been in place since April of this year.
On a seasonally-adjusted month-on-month basis, August’s 1.1% contraction marked a further deterioration from the revised 0.9% drop in July (previously reported: -1.1% month-on-month).
Author: Andrea Vetrugno, Economist