Portugal: Industrial sector contracts at sharper pace in January
March 1, 2019
Portugal’s industrial sector contracted at a sharper pace in January amid a broad-based slowdown in the Eurozone, marking the third consecutive month of decline. Industrial output fell 3.0% over the same month of the previous year, down from a revised 1.0% year-on-year contraction in December (previously reported: -0.3% year-on-year). All sub-sectors experienced a downturn, with the manufacturing sector decelerating markedly, while the mining and quarrying, and electricity, gas, steam and air conditioning sectors contracted more sharply.
In seasonally-adjusted, month-on-month terms, industrial production growth inched up to 0.8% in January from a revised 0.7% in December (previously reported: +1.1% month-on-month). Meanwhile, annual average growth in industrial output fell to minus 0.5% in January following a minus 0.1% print in December.
Portugal Industrial Production Forecast
FocusEconomics Consensus Forecast panelists expect industrial output to expand 1.0% in 2019, which is up 0.1 percentage points from last month’s estimate. For 2020, the panel sees industrial production growth rising to 1.4%.
Author: Nihad Ahmed, Economist