Greece: Industrial production rises for the first time in almost five years
October 10, 2012
In August, industrial production rose a working-day adjusted 2.5% over the same month last year, contrasting the 4.9% drop observed in July (previously reported: +5.0% year-on-year). The August reading represents the first annual increase seen since November 2007. That said, given the small size of the industrial sector, which accounts for only around 15% of the economy, it is very unlikely that this positive result signals the recovery of the Greek economy. The improvement was broad-based, as all but one of the main categories recorded higher readings over the previous month. In particular, manufacturing output registered the most relevant gain, increasing by 2.0%. As a result of the positive August result, the trend improved, with annual average variation in industrial production stepping up from minus 6.5% in July to minus 5.4%.