Industry turnover grows 11.8% in July

 In Economy, Industry, News

Industrial business turnover in Portugal grew 11.8% in July which equates to a slowdown by seven percentage points compared to June when it had been 18.8%.

This is according to the latest monthly figures for industry business released by the National Statistics Institute (INE) on Thursday.
“This percentage continues to reflect a base effect since the like-for-like month was still badly effected by the pandemic (2020) with the index falling by 10.8%. Compared to July 2019, industry sales variance was less than -0.3%. It was also noted that July 2021 had one working day less than the same month in 2020 and 2019,” states the INE.
The indices regarding the national and overseas markets went from an increase of 14.1% and 25.8% in June, respectively, to increases of 7.8% and 17.8% in July, showing a slowdown in relation to the preceding month.
“The sharp increases continue to reflect a base effect given that the comparison covers the months that were strongly effected by the pandemic”, it states.
Comparing July 2021 with the same month in 2019, the total indices for the national and overseas market vary between -0.3%, -1.8% and 1.9% respectively.
In terms of industrial enterprise clusters, those manufacturing intermediate goods saw an increase of 20.4% for that month and was the main contributor for the variation in the index by 7 percentage points, while consumer goods and energy fell 10.8 and 5.1 percentage points respectively to 0.6% and 21.2% in July, having jointly contributed with 4.2 percentage points.
Investment goods went from a reduction of 4.5% in June to a growth of 4.2% in July. Employment, salaries and hours worked saw like-for-like variations of 0.8%, 5.8% and 3.7%, in that order when they had been 0.2%, 8.0% and 6.2% in June.