Portugal: Decline in industrial output softens in May
Industrial production slid 4.5% year on year in seasonally-adjusted terms in May (April: -6.9% s.a. yoy). The improvement was partly due to a weaker contraction in manufacturing production. In addition, electricity, gas, steam and air conditioning supply output continued to fall at a sharp pace.
On a monthly basis, industrial output rose 2.0% in seasonally adjusted terms in May, contrasting April’s 5.7% fall and marking the best result since December 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at 0.0%, down from April’s plus 0.6% reading.