Greece Industry


Greece: Industrial production swings back to contraction

February 9, 2015

In December, industrial production contracted a working-day adjusted 3.8% compared to the same month of the previous year, which contrasted the revised 2.5% expansion tallied in November (previously reported: +1.3%). November’s result had marked the first expansion in industrial production since June 2013. December’s fall reflected a deterioration in all of the sub-components that comprise the index with the exception of water supply.

Industrial output declined 2.7% over the previous month in seasonally-adjusted terms in December, which was below the revised 1.9% fall in November (previously reported: -2.7%). In addition, annual average variation in industrial production decreased from minus 2.4 in November to minus 2.6 in December.

FocusEconomics Consensus Forecast panelists see industrial production contracting 0.8% in 2015, which is down 0.3 percentage points from last month’s forecast. In 2016, the panel sees industrial production increasing 1.9%.

Author: Angela Bouzanis, Senior Economist

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Greece Industry Chart

Greece Industry December 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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