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.
Author: Cecilia Simkievich, Economist