Greece Industrial production July 2020

Greece

Greece: Decline in industrial activity softens in July

September 9, 2020

Industrial output fell 0.2% year-on-year in working-day adjusted terms in July, which was a markedly softer drop than June’s 4.9% contraction. July’s weaker fall was primarily driven by a rebound in mining and quarrying output, as well as an improvement in manufacturing production. In addition, output in the electricity supply sector fell at a markedly softer pace than in June.

Accordingly, the trend pointed up, with the annual average variation of industrial production coming in at minus 3.2% in July, slightly above June’s minus 3.4% reading. Lastly, on a working-day adjusted monthly basis, industrial output rose 10.3% in July (June: +7.6% mom).

FocusEconomics Consensus Forecast panelists see industrial production contracting 6.4% in 2020, which is up 1.0 percentage points from last month’s forecast. In 2021, the panel sees industrial production growing 5.1%.


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Greece Industry July 20 20

Note: Working-day adjusted, year-on-year changes and annual average variation of industrial production index in %.
Source: Hellenic Statistical Authority (ELSTAT) and FocusEconomics calculations.


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