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.