Portugal: Industrial output rises at the fastest clip in nearly a year in October
Latest reading: Industrial output growth ticked up to 3.1% in month-on-month seasonally adjusted terms in October from September’s 3.0% increase. October’s figure marked the best reading since November 2023. Looking at the details of the release, a sharp rebound in electricity, gas, steam and air conditioning supply outweighed softer momentum in manufacturing output and a sharper decline in mining and quarrying.
On a seasonally adjusted annual basis, factory output rose at a faster rate of 4.4% in October (September: +2.8% yoy), the best result since April. Accordingly, the trend improved sizably, with the annual average variation of industrial production recovering to 0.3% from September’s minus 0.3% and marking the joint-best result since April 2023.