Greece: Industrial output contracts for fifth consecutive month in February before coronavirus impact
April 9, 2020
Industrial production dropped 3.4% year-on-year in working-day adjusted terms in February, following January’s revised 1.0% slip (previously reported: -1.2% year-on-year) and marking the fifth consecutive month of decline. February’s steeper downturn was mainly attributable to a contraction in manufacturing output, which had expanded in the previous month. In addition, both the electricity and water supply sectors continued to shrink in February while production in the mining and quarrying sector softened.
On a month-on-month and working-day adjusted basis, industrial production rose 1.5%, rebounding from the 3.2% fall logged in January. Meanwhile, the annual average variation in industrial production dropped to minus 1.6% from minus 1.2% in the previous month.
Author: Javier Colato, Economist