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.
Author: Cecilia Simkievich, Economist