Financial News: Portugal Industrial Production Contracts 4.4%

Portugal Industrial Production Contracts 4.4%

05/03/2023 - 08:35:00 (RTTNews)

(RTTNews) - Portugal's industrial production declined for the first time in four months in March, primarily as a result of a sharp fall in energy output, figures from Statistics Portugal showed on Wednesday.

Industrial production dropped 4.4 percent year-on-year in March, reversing a 2.5 percent gain in February.

Energy production alone plunged 16.3 percent annually in March, and that of intermediate goods fell 5.2 percent.

The rate of change in the manufacturing industries section was a negative growth of 2.5 percent.

Excluding energy, industrial output fell 1.9 percent in March compared to a 1.8 percent decline in the prior month.

On a monthly basis, industrial production rebounded 3.1 percent in March, following a 3.6 percent decrease in February.

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