Portugal Industrial Output Growth Slows in January

Portugal’s industrial output growth slowed to 1.2% year-on-year in January 2026, down from a downwardly revised 1.7% in December. Growth moderated across intermediate goods (1.6% vs 2.3%) and energy (11.4% vs 19.0%), while declines persisted in consumer goods (-2.5% vs -0.5%) and capital goods (-1.4% vs -6.0%). On a monthly basis, however, industrial production rebounded 4.2% in January following two consecutive months of sharp declines.

Portugal’s industrial production growth accelerated to 2.3% year-on-year in December 2025, up from 0.3% in November, marking the strongest pace in three months. Energy output surged 19.0%, reversing two months of declines, while durable consumer goods rose 0.3%, ending a nine-month contraction. Growth slowed for non-durable consumer goods (0.3% vs 1.6% in November) and intermediate goods (2.5% vs 2.8%), and capital goods output fell for a third consecutive month (-4.9% vs -2.1%). On a monthly basis, industrial production declined 1.9% in December, following a 3.1% drop in November.

Portugal’s industrial production rose 0.3% year-on-year in November 2025, rebounding from a 0.4% decline in October, supported by smaller contractions in energy output (-2.8% vs -15.4% in October) and intermediate goods production (-2.2% vs -4.5%). However, growth in other areas softened, with consumer goods output up 0.7% (compared with 2.6% in October) and capital goods rising 2.7% (down from 6.1%). On a monthly basis, industrial production fell sharply by 3% in November, following three consecutive months of expansion.