Greece: Industrial production worsens further in March
May 10, 2011
Industrial production plunged in March, recording the sharpest drop in six months and confirming that the economy remains deeply mired in recession. In March, industrial production declined 8.0% over the same month last year, after February's more moderate 4.8% contraction. The contraction was mainly the result of a 10.3% drop in the manufacturing sector (February: -6.8% yoy), which accounts for around 70% of total industrial output, along with further declines in water supply and electricity. In contrast, mining and quarrying somewhat offset the drop and registered a third consecutive positive reading, climbing 5.5% over the same month last year (February: +14.2% yoy). The annual average variation in industrial production confirms the deterioration suggested by the annual reading, as it stepped down from minus 5.4% in February to minus 5.8% in March.