Greece: Industrial production declines for the third consecutive year
February 9, 2011
In December, industrial production dropped 5.2% over the same month last year, following a 7.8% plunge in November. The reading confirms the notion that the industrial sector remains depressed. The December decline was broad-based, as all sectors deteriorated over the same month last year. That said, the contraction was primarily driven by the manufacturing sector, which declined 4.0% year-on-year, as well as electricity supply, which fell 8.8% yoy. The mining and quarrying sector dropped 7.8% in December. Despite the negative monthly reading, annual average variation in industrial production stepped up from minus 5.8% in November to minus 5.7% in December, closing the third consecutive year with a contraction.