Greece Industrial production May 2021


Greece: Industrial output growth wanes in May

July 9, 2021

Industrial output increased 14.0% year-on-year in May, which followed April's 22.7% increase. May’s slowdown was broad based, with manufacturing, mining and quarrying, energy and water supply output all deteriorating.

On a seasonally-adjusted monthly basis, factory output slid 5.1% in May, contrasting April’s 4.4% expansion and marking the worst result since April 2020. Meanwhile, the trend improved notably, with the annual average growth of industrial production coming in at plus 4.0%, up from April's 2.2%.

FocusEconomics Consensus Forecast panelists see industrial production growing 4.4% in 2021, which is up 0.3 percentage points from last month’s forecast. In 2022, the panel sees industrial production growth softening to 3.1%.


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Greece Industrial production Chart

Greece Industry May 2021

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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