Portugal: Industrial sector contracts at sharper pace in November
December 28, 2018
Portugal’s industrial output contracted for the seventh consecutive month in November, declining 2.9% over the same month of the previous year. This marked a deterioration from October’s 0.2% year-on-year drop (previously reported: -0.3% year-on-year). November’s print reflected a sharper contraction of the manufacturing sector, which more than offset an acceleration in the mining and quarrying sector and a stable rate of expansion in the supply of electricity, gas, steam and air conditioning.
In seasonally-adjusted, month-on-month terms, the industrial sector contracted more sharply in November compared to October. In November, industrial production fell 2.4% over the previous month, after declining a revised 0.5% month-on-month in October (previously reported: -0.9% month-on-month). Annual average growth in industrial production came in flat in November, down from 0.5% in October.
Author: Nihad Ahmed, Economist