Portugal: Industrial activity contracts at sharpest rate in nearly three years in June
Industrial output dropped 3.7% month-on-month in seasonally adjusted terms in June (May: -3.1% mom). June’s outturn marked the worst reading since August 2021. The sharper drop was largely due to a deterioration in manufacturing output, as it recorded the weakest reading since October 2023. In addition, electricity, gas, steam and air conditioning supply production weakened.
On a seasonally adjusted annual basis, industrial output fell 3.0% in June (May: +1.1% yoy), the worst result since December 2023. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 1.4%, up from May’s minus 1.5%.