Portugal Industry December 2019

Portugal

Portugal: Industrial production shoots higher in December

January 30, 2020

Industrial production jumped 3.3% higher in December over the same month of the previous year, following a revised 0.4% rise in November (previously reported: +0.2% year-on-year) and marking the strongest expansion in two years. The reading was primarily driven by a surge in output in the supply of electricity, gas, steam and air conditioning, as well as a rebound in the manufacturing sector which returned to growth after four months of contraction.

In seasonally-adjusted month-on-month terms, industrial production rose 2.8% in December, contrasting November’s 0.6% decline. Lastly, the annual average variation in industrial output fell 2.4% in December, improving marginally from the 2.8% drop recorded in the previous month.

FocusEconomics Consensus Forecast panelists project industrial production to rise 1.5% in 2020, which is up 0.2 percentage points from last month’s estimate, with output expanding 1.4% in 2021.


Author:, Economist

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Portugal Industry December 2019

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.


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