The production of Portuguese industry was the one that fell the most in August, among the Eurozone countries, compared to the same month of the previous year, at a time when the entire sector is being squeezed by the increase in the prices of raw materials, which limits the operation.
This indicator suffered a fall of 7.2% in Portugal, which leads the table among those that suffered the most in this period under review. Only three countries saw this indicator shrink compared to August 2020, showing that this sector continues to be penalized even at a time when there is talk of recovery from the impact of the pandemic. Then, among those that saw their production shrink the most, followed Malta (-4.2%) and the Czech Republic (-1.4%).
Overall, industrial production in the Eurozone grew by 5.3% year-on-year, with the production of non-durable consumer goods increasing by 11.6%, while intermediate goods (6.6%) and goods capital (2.6%) also registered increases. In the European Union, the global index rose 5.1%.
Unlike Portugal, several countries in the region managed to see their industry soar compared to last year. Belgium (29.9%), Ireland (22.1%) and Lithuania (15.4%) lead this field.
The rise in energy and raw material prices, as well as the scarcity of semiconductors, has been stronger in countries with an industry that is less resilient to external shocks, such as Portugal. Just yesterday, at the presentation of the State Budget, the finance minister predicted a drop in oil prices next year.
Projections by the Ministry of Finance led by João Leão point to a devaluation to US$67.80 per barrel in the average for next year. Still, Leão is more optimistic than Goldman Sachs, which says that the price of this raw material is around 80 dollars a barrel.