Greece Industry


Industrial production contracts for fifth month in a row

In March, industrial production contracted a working-day adjusted 0.7% over the same month last year, which followed the 3.9% drop observed in February. The monthly print reflects contractions in all the categories that comprise the index with the exception of manufacturing, which recorded an increase after two consecutive months of declining output.

Despite the March decline, the trend continues to point upwards, with annual average variation in industrial production stepping up from minus 2.5% in February to minus 1.9%, the highest reading in more than four years.

FocusEconomics Consensus Forecast panellists see industrial production declining 2.5% in 2013, which is up 1.3 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 1.2%.


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Greece Industry Chart

Greece Industry March 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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