Greece: Industrial production declines again but shows signs of improvement
April 8, 2011
Industrial production fell in February, continuing a downward trend beginning in 2008, as the economy remains clearly depressed and still well off the recovery path. In February, industrial output slumped 4.8% over the same month last year, which was a slight improvement on the 5.2% decline recorded in January but represented the 34th consecutive decline in output. The contraction was mainly the result of a 6.8% drop in the manufacturing sector, which accounts for around 70% of total industrial output (January: -4.1% year-on-year). In contrast, mining and quarrying offset this drop to some extent, registering the second consecutive positive reading, climbing 14.2% over the same month last year (January: +0.1% yoy). The annual average variation in industrial production confirms the slight improvement in the monthly reading, stepping up from minus 5.8% in January to minus 5.4% in February.