Portugal: Industrial production returns to negative territory in September
October 29, 2010
Industrial production plunged in September to a seasonally and calendar-day adjusted 4.8% over the previous month, which contrasted the 3.9% expansion recorded in August. The monthly contraction was the result of a slump in durable consumer goods production (-11.9% month-on-month) and capital goods manufacturing, which dropped 13.1% over the previous month. On an annual basis, industrial output returned to negative territory in September, falling 2.4% after having recorded flat growth in August. Nevertheless, the trend continues to point upwards, with annual average variation improving from no variation in August to 0.3% in September. Consensus Forecast panellists see industrial production expanding 1.4% this year, which is unchanged from last month's forecast. For 2011, the panel anticipates industrial output to expand 1.1%. Moreover, Consensus Forecast panellists see the overall economy adding 1.4% this year, which is up 0.1 percentage points from last month's forecast. For 2011, the panel anticipates GDP remain flat over the previous year, which is up 0.1 percentage points over last month's estimate.