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.
Author: Cecilia Simkievich, Economist