Greece: Industrial output crumbles at fastest pace in over eight years in April
June 5, 2020
Industrial output plunged 9.9% year-on-year in working-day adjusted terms in April (March: +0.4% year-on-year) as Covid-19 containment measures weighed on activity. April’s drop was the steepest since December 2011.
Looking at the details of the release, manufacturing and mining output collapsed, while electricity production declined at a more moderate pace. Conversely, water output grew in the month.
On a working-day adjusted monthly basis, industrial production plummeted 11.0% in April (March: +5.5% month-on-month). Meanwhile, the trend deteriorated, with the annual average variation in industrial production coming in at minus 2.5% in April, down from March's minus 1.4%.
Author: Javier Colato, Economist