Greece: Decline in industrial activity softens in September
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.