Greece: Industrial production falls in February
April 9, 2013
In February, industrial production contracted a working-day adjusted 3.9% over the same month last year. The print followed the revised 4.2% drop observed in January (previously reported: -4.8% year-on-year). The monthly print reflected contractions in all the categories that comprise the index, with electricity recording the largest drop. In addition, the manufacturing sector continued to drop, albeit at a slower pace.
Despite the February decline, the trend continues to point upwards, with annual average variation in industrial production stepping up from minus 3.1% in January to minus 2.5%, the highest level in over four years.
FocusEconomics Consensus Forecast panellists see industrial production declining 2.5% in 2013, which is up 1.3 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 1.2%.