Portugal: Contraction in industrial production eases markedly in September
The performance of the industrial sector improved year-on-year in September, following a notable contraction in August. While output dropped again in September, the rate of contraction eased to 0.1% from August’s revised 3.3% decline (previously reported: -2.9% year-on-year). There was an across-the-board upturn, led by a marked rebound in the mining and quarrying sector. While manufacturing output and the supply of electricity, gas, steam and air conditioning contracted again, the deterioration was milder than seen in the previous month.
In seasonally-adjusted, month-on-month terms, industrial production swung to a 2.8% contraction in September from a revised 2.1% expansion in August (previously reported: +2.7% month-on-month). Annual average growth in industrial production dropped to 1.0% in September from 1.3% in August.