Portugal: Industrial production continues to fall
May 31, 2012
In April, industrial production contracted 7.4% over the same month last year, which represented a deterioration compared to the 4.7% drop observed in March. Although the decline was broad-based, as all sub-categories composing the index recorded contractions over the same month last year, the monthly drop was mainly driven by a sharp decline in electricity, gas and water output. On a monthly basis, industrial production plunged 6.5% in seasonally and working-day adjusted terms, which contrasted the 3.2% rise recorded in March. As a result of the monthly decline, the trend continues to point downwards, with annual average growth in industrial production stepping down from minus 3.4% in March to minus 3.8%.