Greece Industry


Industrial production improves in July

In July, industrial production fell a working-day adjusted 1.6% compared to the same month last year, which was an improvement from the revised 4.7% decrease tallied in June (previously reported: -4.5% year-on-year). June’s result had marked a 10-month low. July’s improvement reflected a more moderate fall in mining and quarrying along with a large expansion in electricity production.

Industrial output in July rose 7.5% over the previous month in seasonally-adjusted terms, which was notably above June’s revised 4.2% increase (previously reported: +4.5% month-on-month). However, annual average variation in industrial production fell from minus 0.9% in June to minus 1.1% in July.

FocusEconomics Consensus Forecast panelists see industrial production contracting 2.1% in 2015, which is down 2.0 percentage points from last month’s forecast. In 2016, the panel sees industrial production increasing 0.4%.

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Greece Industry Chart

Greece Industry July 2015

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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