Portugal: Industrial output rebounds in March
April 30, 2013
In March, industrial production rose 0.8% over the same month last year, which marks the first positive reading since February 2011. In addition, the print contrasts the 1.1% fall registered in February (previously reported: -0.5% year-on-year). The improvement was mainly due to strong growth in electricity, gas and water as well as a softer contraction in manufacturing output. On the other hand, mining deteriorated over the previous month.
On a monthly basis, industrial production expanded 5.2% in seasonally and working-day adjusted terms, which marks an improvement over the 0.4% rise tallied in February. As a result of the positive annual reading, the trend continues to point upwards, with the annual average variation in industrial production edging up from minus 4.2% in February to minus 3.7% in March.
FocusEconomics Consensus Forecast panellists anticipate that industrial production will contract 3.1% in 2013, which is unchanged from last month's projection. For 2014, the panel anticipates industrial production to expand 1.0%.