Greece: Industrial production deteriorates in October
December 10, 2013
In October, industrial production fell a working-day adjusted 5.2% over the same month last year, which marked a deterioration over the revised 1.8% fall observed in September (previously reported: -2.2% year-on-year). October's figure was mainly the result of a deterioration in mining and quarrying and in electricity. On a monthly basis, industrial production decreased 7.9%, which significantly contrasted the 8.2% rise recorded in September.
As a result of the annual reading, annual average variation in industrial production fell from minus 2.7% in September to minus 3.5% in October.
FocusEconomics Consensus Forecast panelists see industrial production declining 2.5% in 2013, which is down 0.1 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 0.4%, which is up 0.7 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist