Portugal: Industry drops in July
August 31, 2013
In July, industrial production dropped 2.3% over the same month last year. The decrease, which contrasts the 2.3% rise registered in June, was mainly influenced by a decline in electricity, gas, steam and air conditioning supply, as well as in mining and quarrying.
Compared to June of last year, industrial output dropped 3.1% in seasonally and working-day adjusted terms, which followed the 2.7% decline tallied in June. As a result of the negative year-on-year reading, annual average growth in industrial output edged down from minus 1.5% in June to minus 1.7% in July.
FocusEconomics Consensus Forecast panellists expect industrial production to rise 1.2% this year, which is unchanged from last month's forecast. For 2014, panellists expect industrial output to pick up to 0.5%.
Author: Dirina Mançellari, Senior Economist