Portugal: Industrial production surges in February
March 29, 2016
In February, Portugal’s industrial production expanded 1.1% over the same month last year. The result marked a substantial acceleration compared to the 0.1% increase observed in January and the strongest increase since November 2015. The statistical office reported that February’s acceleration stemmed from a rebound in manufacturing and an expansion in electricity generation. That said, mining and quarrying contracted in February for the fourth consecutive month, although the pace of contraction was softer than to December.
Adjusted for seasonality, industrial production increased 0.1% over the previous month in February, which was down from 0.6% rise tallied in January. Due to the notable year-on-year in change, the trend improved. Annual average growth in industrial production rose from 1.9% in January to 2.1% in February, which suggests that Portugal’s industry continues showing signs of recovery.
Author: Ricardo Aceves, Senior Economist