Portugal: Industrial production jumps up in March
April 30, 2015
In March, industrial production grew 3.4% over the same month of last year, rebounding from the 1.8% decrease tallied in February and recording the highest growth in eight months. According to Statistics Portugal (INE), March’s increase in industrial output was the result of a strong rebound in the manufacturing sector, which more than offset deteriorations in both mining and electricity, gas and water sectors. The manufacturing sector swung from a 3.0% fall in February to a healthy 3.9% rise in March, marking the highest increase in eight months. However, mining swung sharply from February’s 30.7% increase to a 9.2% contraction in March. The electricity sector decelerated as well from a 2.8% increase tallied in February to an anemic 0.1% growth in March.
Compared to the previous month, industrial output grew a seasonally-adjusted 1.5% in March. The result contrasted the 1.0% decrease tallied in February. Annual average growth accelerated in March, inching up from the 0.6% increase tallied in February to 0.9% growth in March.
Author: Eric Denis , Economist