Greece Industry


Industrial production contracts at a softer pace in December

In December, industrial production contracted a working-day adjusted 0.5% over the same month the year before, which followed the revised 3.2% drop observed in November (previously reported: -2.9% year-on-year).

The monthly print mostly reflected contractions in three out of the four categories that compose the index, with mining and quarrying recording the largest drop. That said, the all-important manufacturing sector improved over the previous month.

In the full year 2012, industrial production contracted 3.2% (2011: -7.8% yoy), which represents, nevertheless, the mildest decline since 2008.

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Greece Industry Chart

Greece Industry December 2012

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Hellenic Statistical Authority (EL.STAT) and FocusEconomics calculations.

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