Portugal: Industrial output contracts at sharpest pace in over three years in December
Latest reading: Industrial production decreased 4.2% month-on-month in seasonally adjusted terms in December (November: -3.7% mom s.a.). December’s result marked the worst reading since August 2021. Looking at the details of the release, mining and quarrying lost steam and energy supply fell at a sharper pace, outweighing improved readings for manufacturing production and water supply.
On a seasonally adjusted annual basis, industrial output fell 4.9% in December (November: +2.5% yoy), marking the steepest decline since July 2023. Meanwhile, the trend was unchanged, with annual average growth of industrial production stable at November’s 0.3% in December.