Portugal’s Industrial Output Growth Hits 7-Month High

Portugal’s industrial production rose 3.2% year-over-year in March 2026, rebounding from a revised 3.9% drop in February. This marks the fastest increase since August 2025, driven by gains in nearly all categories except energy. Consumer goods output climbed 3.6%, the first rise in four months, with durable goods up 4.3%, ending a 12-month decline, and non-durable goods up 3.4%. Intermediate goods surged 5.2% (after a 7.4% February fall), and capital goods jumped 6.4% following five months of declines. Energy output fell 4.6%, reversing double-digit growth from December to February. Month-over-month, production also rose 3.2%.

Industrial production in Portugal tumbled 4.4% year-on-year in February 2026, the biggest drop since March 2025, following a 0.4% rise in January. The decline reflects the impact of severe weather conditions that affected certain regions of the country, particularly Storm Kristin. The manufacturing sector tumbled 8.6%, the most since June 2020, after a 2.7% fall in January and energy output fell 4.3%, also the biggest tumble since 2020 and following a 1.8% rise. The mining sector also slowed (10.8% vs 41.7%) while utilities output increased more (20.4% vs 13.1%). Compared to the previous month, industrial production was down 0.2%.

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.