Portugal: Industrial activity drops at sharpest rate since April in September
Industrial production slid 5.6% year on year in seasonally-adjusted terms in September (August: -4.7% s.a. yoy). The figure marked the worst reading since April. Looking at the details of the release, manufacturing output fell at a more moderate rate in September, while electricity, gas, steam and air conditioning supply output swung to contraction.
On a monthly basis, factory output declined 3.0% in seasonally adjusted terms in September, which was well greater than August’s 0.3% fall and marked the worst result since April. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at a two-year low of minus 2.2% in September, down from August’s minus 1.7%.