Greece: Industrial activity contracts less severely in June
August 7, 2020
Industrial output fell 4.9% year-on-year in working-day adjusted terms in June, which was a less pronounced contraction than May's 7.8% decrease. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.4% in June, down from May's minus 3.0% reading.
June’s weaker drop was primarily driven by a markedly softer decline in manufacturing production. In contrast, output in the mining and quarrying, and electricity supply sectors fell more sharply than in May.
On a working-day adjusted monthly basis, industrial output rose jumped 7.2% in June (May: +2.9% mom).
Author: Javier Colato, Economist