Portugal: Industrial production contracts for the fourth consecutive month in August
Industrial production dipped 2.9% over the same month of last year in August, following a revised 1.3% year-on-year decline in July (previously reported: -1.7% year-on-year). The sharper drop was broad-based across sectors: Manufacturing output fell for the fourth consecutive month; the electricity, gas, steam and air conditioning supply sector contracted again; and production in mining and quarrying declined after four successive months of expansion.
In seasonally-adjusted, month-on-month terms, industrial production increased 2.7% in July following a revised 1.1% rise in July (previously reported: +0.7% month-on-month). Annual average growth in industrial production dropped to a near three-year low of 1.3% in August from 2.3% in July.