Portugal: Industrial output contracts at sharpest pace in five months in November
Latest reading: Industrial production decreased 3.5% month-on-month in seasonally adjusted terms in November (October: +3.4% mom s.a.). November’s result marked the worst reading since June. Looking at the details of the release, energy output and manufacturing production swung into contraction, with the latter recording the weakest reading since August 2023. More positively, mining and quarrying rebounded sharply.
On a seasonally adjusted annual basis, industrial output fell 2.2% in November (October: +4.7% yoy). Meanwhile, annual average growth of industrial production was unchanged at October’s 0.3% in November.