Greece Industry


Greece: Industrial production falls sharply in August

October 10, 2014

In August, industrial production fell a working-day adjusted 5.7% over the same month last year, which was well below the revised 1.1% drop recorded in July (previously reported: -2.1% year-on-year). The decline was driven by a contraction in manufacturing as well as in electricity, and a slowdown in water supply. Mining and quarrying also recorded an annual contraction, although much less pronounced than the one recorded in the previous month.

Despite the substantial decline in annual growth, annual average variation in industrial production remained unchanged in August, at July’s 3.3% contraction.

FocusEconomics Consensus Forecast panelists see industrial production contracting 0.3% in 2014, which is down 0.7 percentage points from last month’s forecast. In 2015, the panel sees industrial production increasing 1.9%, which is down 0.4 percentage points from last month’s forecast.

Author:, Economist

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Greece Industry Chart

Greece Industry August 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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