Portugal Industrial Output Drops in May

Portugal’s industrial production fell 2.3% year-over-year in May 2026, following no change in April, led by energy (-9.7% vs -17.2%), durable consumer goods (-1.5% vs 5.9%), and non-durable consumer goods (-3.1% vs 2.4%). Growth also slowed for intermediate goods (0.8% vs 5.7%) and capital goods (0.3% vs 1.9%). Month-over-month, industrial activity rose 0.9% in May, recovering from a 2.7% drop in April.

Portugal's industrial production stagnated in April 2026 compared to the same month a year earlier, marking a sharp deceleration from an upwardly revised 4.1% growth in March, primarily driven by a 17.2% plunge in energy output, attributed to a decline in electricity production. Excluding energy, industrial production growth slowed to 3.8% from 6.0%. Output growth also softened in other sectors: consumer goods (3.6% vs. 4.4% in March), intermediate goods (4.9% vs. 6.8%), and capital goods (2.1% vs. 7.3%). On a monthly basis, industrial activity declined 2.6% in April, following a revised 4.3% increase in March.

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%.