Greece: Industrial production falls less steeply in May
July 10, 2020
Industrial output declined 7.3% year-on-year in working-day adjusted terms in May (April: -10.0% yoy). Consequently, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.0% in May, down from April's minus 2.4% reading.
May's less severe drop was mainly due to a less pronounced contraction of the mining and quarrying and manufacturing sectors, though output continued to fall at strong pace.
On a working-day adjusted monthly basis, factory output rebounded strongly, growing 3.3% in May (April: -11.1% mom).
Author: Javier Colato, Economist