Greece: Industrial production drops at fastest pace in nearly two years in February

Industrial production contracted a working-day-adjusted 2.0% in annual terms in February, following January’s revised contraction of 1.2% (previously reported: -1.7% year-on-year). February’s result marked the worst reading since March 2016. The decline was driven by a double-digit drop in mining and quarrying production, followed by significant declines in electricity output and water supply production.

In contrast, industrial output grew 4.7% month-on-month in working-day adjusted terms in February, rebounding from January’s sharp 5.0% decrease. Meanwhile, annual average growth in industrial production fell from 3.9% in January to 2.9% in February.

Greece Industrial Production Forecast

FocusEconomics Consensus Forecast panelists see industrial production expanding 3.0% in 2018, which is up 1.6 percentage points from last month’s forecast. In 2019, the panel sees industrial production growing 2.9%.