Portugal: Industrial sector contracts at sharper pace in August
Industrial activity deteriorated in August, with production contracting at a sharper pace of 4.8% in annual terms. This followed a 2.5% year-on-year drop in July. The downturn reflected a more marked decline in the supply of electricity, gas, steam and air conditioning, along with a faster fall in manufacturing output. These more than offset a notable rebound in mining and quarrying.
In seasonally-adjusted, month-on-month terms, industrial production fell 1.0% in August, contrasting a 4.6% expansion in July. Lastly, the annual average variation in industrial output inched down to minus 2.4% in August from minus 2.3% in July.