Greece Industry August 2016


Greece: Industrial production contracts in August

October 10, 2016

In August, industrial production fell a working-day adjusted 0.3% compared to the same month last year, which contrasted the revised 4.7% expansion in July (previously reported: +4.1% year-on-year). August’s result marked a five-month low and reflected slower growth in manufacturing and contractions in mining and quarrying and electricity output.

Meanwhile, industrial output fell 12.6% over the previous month in seasonally-adjusted terms, which notably contrasted July’s revised 2.7% increase (previously reported: +2.1% month-on-month). The trend pointed downwards in August as annual average growth in industrial production fell from 2.6% to 2.2%.

FocusEconomics Consensus Forecast panelists see industrial production expanding 0.9% in 2016, which is down 0.2 percentage points from last month’s forecast. In 2017, the panel sees industrial production growing 1.7%.

Author: Angela Bouzanis, Senior Economist

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Greece Industry Chart

Greece Industry August 2016

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Hellenic Statistical Authority (EL.STAT) and FocusEconomics calculations.

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