Greece: Industrial production declines less sharply in July
September 9, 2011
Industrial production slowed its downward spiral in July, after recording the sharpest contraction since April 2009 in the previous month. In July, industrial production declined 2.8% over the same month last year, following the 13.5% contraction in June. All sub-components improved over last month's result with manufacturing output falling 2.3% (June: -12.4% year-on-year). The annual average variation in industrial production confirms the improvement suggested by the annual reading, stepping up from minus 7.6% in June to minus 7.2% in July.
Author: Ricardo Aceves, Senior Economist