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.
Author: Javier Colato, Economist