Portugal: Industrial production surges in April
May 30, 2016
In April, Portugal’s industrial production expanded 3.5% over the same month last year. The result marked a substantial rebound over the revised 0.4% contraction observed in March (previously reported: -0.3% year-on-year) and the fastest monthly in increase since October 2015. Looking at the details, April’s jump reflected a rebound in manufacturing production and a significant expansion in electricity production and distribution. Conversely, mining and quarrying and electricity generation posted a sharp drop.
Sequential data corroborated that industrial production recovered March’s lost ground in April. Output increased a whopping 5.5% in April in seasonally adjusted terms, which reversed the 0.6% decrease tallied in March. Due to the strong expansion in April, the trend now points upwards. Annual average growth in industrial production rose from 1.9% in March to 2.2% in April.
Author: Ricardo Aceves, Senior Economist