Greece: Industrial production contracts sharply in October
December 8, 2011
In October, industrial production declined 12.3% over the same month last year, which followed a 1.4% contraction in September (previously reported: -1.7% year-on-year) and, in fact, represented the second sharpest decline since January 2009. Manufacturing output fell 11.9% in October (August: -1.7% yoy) while mining and quarrying as well as water supply also recorded losses. As a result of the sharp contraction, annual average variation in industrial production stepped down from minus 7.2% in September to minus 7.8% in October. According to some analysts, the big drop in the October's industrial output reflects depressed domestic demand and slowing export activity due to weakening conditions among the country's main trading partners.