Greece Industrial production August 2020


Greece: Industrial output drops for 11th-consecutive month in August

October 9, 2020

Industrial output fell 3.8% year-on-year in working-day adjusted terms in August, dropping at a significantly faster pace than July’s 0.2% decline and marking the 11th consecutive month of contraction. August’s larger contraction was chiefly driven by a swing to contraction of manufacturing production and a significantly faster drop of output in the electricity supply sector.

Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.6% in August, down from July’s minus 3.3% reading. Lastly, on a seasonally adjusted monthly basis, industrial output dropped 0.9% in August, contrasting July’s 4.0% rise.

FocusEconomics Consensus Forecast panelists see industrial production contracting 3.2% in 2020, which is up 3.2 percentage points from last month’s forecast. In 2021, the panel sees industrial production growing 4.9%.


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Greece Industrial production Chart

Greece Industry August 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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