Greece: Industrial production deteriorates at the outset of the year
March 12, 2013
In January, industrial production contracted a working-day adjusted 4.8% over the same month last year. The print followed the revised 0.9% drop observed in December (previously reported: -0.5% year-on-year) and marks, in fact, the steepest fall seen since September 2012.
The monthly print reflected contractions in all the categories that compose the index, with mining and quarrying recording the largest drop. In addition, the all-important manufacturing sector dipped into the red.
Despite the January drop, the trend continues to point upwards, with annual average variation in industrial production stepping up from minus 3.3% in December to minus 3.1%, the highest level in over four years.
FocusEconomics Consensus Forecast panellists see industrial production declining 2.5% in 2013, which is up 1.3 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 1.2%.