Portugal: Industrial output drops in June
June 30, 2012
In June, industrial production contracted 4.4% over the same month last year, which represents an improvement compared to the 6.7% drop observed in May. The monthly drop was driven by declines in manufacturing as well as in electricity, gas and water. Mining, on the other hand, expanded strongly over the same month last year. On a monthly basis, industrial production contracted 0.9% in seasonally and working-day adjusted terms, which contrasted the 4.2% expansion recorded in May. Despite the softer annual decline, the trend continues to point downwards, with the annual average variation in industrial production inching down from minus 4.4% in May to minus 4.5%.