Greece Industrial production September 2020

Greece

Greece: Decline in industrial activity softens in September

November 9, 2020

Industrial output slid 2.4% year-on-year in working-day adjusted terms in September, a softer drop compared to August’s 4.0% decline. September’s weaker contraction was chiefly driven by a rebound in electricity supply and water output. However, mining and quarrying production swung to contraction in September, while manufacturing output dropped at a more pronounced pace than in August.

Meanwhile, the trend deteriorated further, with the annual average variation of industrial production coming in at minus 4.0% in September, down from August’s minus 3.6% reading. Lastly, on a seasonally-adjusted monthly basis, industrial output increased 1.4% in September, contrasting August’s 1.1% decline.

FocusEconomics Consensus Forecast panelists see industrial production growing 3.9% in 2021, which is down 1.0 percentage point from last month’s forecast. In 2022, the panel sees industrial production growth softening to 2.7%.


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Greece Industry September 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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