Portugal: Industrial production loses ground in July
August 30, 2016
Portugal’s industrial production edged down again in July after June’s rebound. Industrial output decreased 1.6% over the same month last year, which contrasted the revised 1.2% increase tallied in June (previously reported: +1.1% year-on-year). July’s drop was mainly caused by a double-digit contraction in the mining sector, which more than offset another double digit expansion in electricity generation. Moreover, manufacturing output decreased at a higher rate than last month.
Annual average growth in industrial production fell from a revised 1.6% in June, which slightly exceeded the 1.5% increase previously reported, to 1.2% in July, outlining the evident moderation trend of Portuguese industrial production.
On a seasonally-adjusted month-on-month basis, July’s 1.1% fall substantially contrasted the 2.2% increase tallied in June (previously reported: +2.5% month-on-month).
Author: Andrea Vetrugno, Economist