Portugal: Industrial production records sharper contraction in July
Industrial production contracted 1.7% over the same month of last year in July, following a revised 0.2 % year-on-year decline in June (previously reported: -0.9% year-on-year). The sharper contraction reflected an across-the-board deterioration. Growth in mining and quarrying output moderated, the manufacturing sector recorded a sharper contraction, while electricity, gas, steam, and air conditioning supply swung to contraction.
In seasonally-adjusted, month-on-month terms, industrial production increased 0.7% in July following a revised 1.8% rise in June (previously reported: +1.1% month-on-month). Annual average growth in industrial production dropped to a 14-month low of 2.3% in July, down from 3.0% in June.