Greece: Industrial production plummets in April
June 8, 2011
Industrial production plunged in April, recording the sharpest drop since July 2009 and confirming that the economy is likely to remain mired in recession during the second quarter. In April, industrial production declined 11.0% over the same month last year, after March's already dire 8.3% contraction (previously reported: -8.0% year-on-year). The contraction was mainly the result of an 11.3% drop in the manufacturing sector (March: -10.3% yoy), which accounts for around 70% of total industrial output, although all other subcomponents also recorded losses. The annual average variation in industrial production confirms the deterioration suggested by the annual reading, stepping down from minus 5.9% in March to minus 6.3% in April.