Portugal: Decline in industrial activity softens in July
Industrial production decreased 1.0% month on month in seasonally adjusted terms in July (June: -3.6% s.a. mom). Looking at the details of the release, rebounding output in the electricity, gas, steam and air conditioning supply sector outweighed sharper contractions in manufacturing plus mining and quarrying production in July.
On a seasonally adjusted annual basis, industrial production fell at a quicker rate of 4.0% in July (June: -2.7% s.a. yoy), the worst result since December 2023. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.4% in July, down from June’s minus 1.3%.