Portugal: Decline in industrial output softens in July
Industrial production dropped 3.2% year on year in seasonally-adjusted terms in July (June: -3.6% s.a. yoy). The figure marked the best reading since February. Looking at the details of the release, electricity, gas, steam and air conditioning supply output increased at a stronger pace, while manufacturing production fell at a sharper rate in July.
On a seasonally adjusted monthly basis, industrial output rebounded, rising 0.2% in July (June: -0.4% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at a one-year low of minus 1.0%, down from June’s minus 0.7% reading.