Greece Industry July 2019

Greece

Greece: Industrial production contracts at sharpest pace in over three years in July

September 9, 2019

Industrial production tumbled 2.1% year-on-year in working-day adjusted terms in July, contrasting June’s 0.3% increase and marking the sharpest fall since February 2016. July’s dip was largely driven by a decline in manufacturing output after it grew modestly in June. Furthermore, larger contractions in the mining and quarrying, and electricity supply sectors also weighed on the headline figure.

On a month-on-month basis, however, industrial production rose a robust 4.6% in July, accelerating from the 4.1% increase logged in June. Meanwhile, annual average growth in industrial production slid to 1.4% in July from 1.9% in June.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.2% in 2019, which is down 0.3 percentage points from last month’s forecast. In 2020, the panel sees industrial production growing 1.2%.


Author:, Economist

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Greece Industry July 2019

Note: 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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