The business turnover index in Portuguese industry grew 5.6% in July in nominal year-on-year terms, according to data published by Statistics Portugal (INE). This value represents a slowdown of 1.0 percentage point compared to the growth recorded in June. Without the energy grouping, business turnover stood at 3.9%, also decelerating relative to the previous month.
In July, sales destined for the domestic market slowed by 1.2 percentage points, standing at 7.9%, contributing 5.0 percentage points to the total variation of the index. External markets also recorded a decrease of 0.7 percentage points, settling at 1.6%, with a contribution of 0.6 percentage points to the total value.
By product grouping, energy and intermediate goods were the biggest contributors to the variation, with 2.5 and 2.3 percentage points, respectively, driven by growth of 12.1% and 7.2%. Investment goods and consumer goods recorded more modest increases, of 2.8% and 0.8%, contributing jointly just 0.7 percentage points.
Regarding the labor market, employment and hours worked in industry showed year-on-year decreases of 1.3% and 1.7% in July, while remuneration increased by 3.9%. On a monthly basis, the business turnover index recorded a reduction of 1.4%, reversing the growth trend of 0.5% observed in June.
