Greece Industrial production May 2020


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).

FocusEconomics Consensus Forecast panelists see industrial production contracting 6.9% in 2020, which is up 1.6 percentage points from last month’s forecast. In 2021, the panel sees industrial production growing 5.3%.

Author:, Economist

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Greece Industrial production Chart

Greece Industry May 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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