Greece: Industrial production continues to deteriorate in June
August 10, 2011
Industrial production slumped in June, recording the sharpest contraction since April 2009 and confirming that the economy remains deeply mired in recession. In June, industrial production declined 13.1% over the same month last year, following a fall of 10.5% in May. The contraction was broad-based as all sub-components dropped, most notably mining and quarry as well as manufacturing. The annual average variation in industrial production confirms the deterioration suggested by the annual reading, stepping down from minus 6.8% in May to minus 7.6% in June. Austerity measures introduced as a part of the conditions of the two bailout packages are taking a massive toll on economic activity.