Greece: Industrial production contracts at a softer pace in November
January 9, 2012
In November, industrial production declined 7.8% over the same month the year before, which followed a sharp 13.5% contraction seen in October (previously reported: -12.3% year-on-year). Manufacturing output dropped 11.7% in November, while mining and quarrying declined 3.2%. On the other hand, electricity output and water supply recorded gains. Despite the monthly contraction, annual average variation in industrial production remained unchanged at October's minus 7.9%. The government sees the economy shrinking 3.0% in 2012.