Greece Industry


Industrial production contracts most in eight months

In May, industrial production fell a working-day adjusted 4.6% over the same month last year, which contrasted the revised 0.3% increase recorded in April (preciously reported: -1.8% year-on-year). The monthly print, the lowest in eight months, reflects contractions all across the board.

As a result, annual average variation in industrial production inched down to minus 1.9% in May from minus 1.8% in April, which had marked the highest reading in more than four years.

FocusEconomics Consensus Forecast panellists see industrial production declining 2.5% in 2013, which is down 0.1 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 0.4%.


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Greece Industry Chart

Greece Industry May 2013

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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