Greece Industry

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Greece: October contraction in industrial production slower than in prior month

December 10, 2014

In October, industrial production fell a working-day adjusted 0.7% compared to the same month last year, which was notably above the revised 4.9% drop recorded in September (previously reported: -5.1% year-on-year). October’s decline was driven by a contraction in mining and quarrying and in electricity. Conversely, manufacturing production and water supply improved compared to the same month last year.

Industrial output declined 3.5% over the previous month in seasonally-adjusted terms in October, which contrasted the 7.7% increase tallied in September.

Since the annual contraction was less pronounced in October than it was in the previous month, the annual average variation in industrial production increased from minus 3.6% in September to minus 3.2% in October.

FocusEconomics Consensus Forecast panelists see industrial production contracting 0.8% in 2014, which is down 0.5 percentage points from last month’s forecast. In 2015, the panel sees industrial production increasing 1.4%, which is also down 0.5 percentage points from last month’s projection.


Author:, Economist

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Greece Industry October 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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