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.