Portugal: Industrial output rebounds in August
Latest reading: Industrial output rose 0.2% in month-on-month seasonally adjusted terms in August, which contrasted July’s 0.8% decrease. The print marked the best reading since March. The pickup was chiefly driven by a weaker contraction in manufacturing output. In contrast, electricity, gas, steam and air conditioning supply production lost steam, as did mining and quarrying activity.
On a seasonally adjusted annual basis, factory output fell at a softer pace of 1.6% in August (July: -3.9% yoy). Accordingly, the trend improved slightly, with the annual average variation of industrial production coming in at minus 1.2% in August, up from July’s minus 1.4%.