Portugal: Industrial output drops
September 28, 2012
In August, industrial production contracted 2.2% over the same month last year, which is down from the 0.3% drop observed in July. The monthly drop was driven by declines in manufacturing output as well as in electricity, gas and water supply. Mining, on the other hand, expanded strongly over the same month last year. On a monthly basis, however, industrial production expanded a strong 6.7% in seasonally and working-day adjusted terms, which was well above the 1.2% expansion recorded in July. The trend continues to point downwards, with the annual average variation in industrial production edging down from minus 4.2% in July to minus 4.4%.