Greece Industry


Industrial production records steepest drop in 10 months

In June, industrial production fell a working-day adjusted 4.5% compared to the same month last year, which followed the revised 4.3% decrease tallied in May (previously reported: -4.0% year-on-year) and marked a 10-month low. June’s decrease reflected an almost across-the-board deterioration, with only mining and quarrying recording an improvement from May’s result.

Industrial output in June rose 4.5% over the previous month in seasonally-adjusted terms, which notably contrasted May’s revised 1.6% decrease (previously reported: -1.7% month-on-month). Annual average variation in industrial production rose slightly from minus 1.0% in May to minus 0.9% in June.

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 June 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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