Greece Industry


Greece: Industrial production drops in September

November 12, 2014

In September, industrial production fell a working-day adjusted 5.1% over the same month last year, which was slightly above the revised 5.9% drop recorded in August (previously reported: -5.7% year-on-year). September’s decline was driven by a contraction in mining and quarrying, as well as in manufacturing production, electricity, and water.

A month-on-month comparison, however, points to a better improvement than the decrease suggested by the annual figures. Industrial output increased 7.5% over the previous month in seasonally-adjusted terms in September, which contrasted the 14.0% fall registered in the previous month.

In line with the decline in annual growth, the annual average variation in industrial production fell from minus 3.5% in August to minus 3.7% in September.

FocusEconomics Consensus Forecast panelists see industrial production contracting 0.8% in 2014, which is down 0.5 percentage points from last month’s forecast. In 2015, the panel sees industrial production increasing 1.4%, which is also down 0.5 percentage points from last month’s projection.

Author:, Economist

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Greece Industry Chart

Greece Industry September 2014

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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