Greece Industry


Industrial production contracts but underlying trend remains upbeat

In November, industrial production contracted a working-day adjusted 2.9% over the same month the year before, which contrasted the revised 3.5% rise observed in October (previously reported: +2.0% year-on-year). Industrial production has improved in recent months, with the index recording two positive readings in the last four months.

The deterioration was broad-based, as all the main categories recorded lower readings over the previous month. In particular, a sharp fall was seen in electricity production, whereas manufacturing output remained in positive territory.

Despite the November drop, the trend continues to point upwards, with annual average variation in industrial production stepping up from minus 4.6% in October to minus 4.2%, the highest level in almost four years.

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Greece Industry Chart

Greece Industry November 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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