Greece: Industrial production continues to fall in 2011
March 11, 2011
Industrial production continued its negative trend at the outset of the year, raising concerns about the country's ability to return to positive conditions. In January, industrial production shrunk 5.2% over the same month last year, which came in below the 4.8% decline recorded in December (previously reported: -5.2% year-on-year). The contraction primarily reflected weaker conditions in the manufacturing sector, which accounts for around 70% of total industrial output, and fell 4.5% compared with the same month last year (December: -4.0% yoy). On the other hand, mining and quarrying improved, rising 0.1% (December: -7.8% yoy). The annual average variation also confirms the negative monthly reading, as it stepped down from minus 5.7% in December to minus 5.8% in January.