Greece: Industrial production falls at sharpest pace in over three years in May
July 10, 2019
Industrial production declined 1.2% year-on-year in working-day adjusted terms in May, marking the sharpest fall in over three years and contrasting April’s revised 1.7% increase (previously reported: -0.8% year-on-year). May’s downturn was largely driven by a contraction in the mining and quarrying, electricity, and water supply sectors.
On a month-on-month basis, industrial production rose 0.4% in May, rebounding from the 1.8% dip logged in April. Meanwhile, annual average growth in industrial production edged down to 1.8% in May from 2.0% in April.
Author: Javier Colato, Economist