Greece: Industrial production improves in September
November 8, 2013
In September, industrial production fell a working-day adjusted 2.2% over the same month last year, which was well above the revised 7.3% contraction recorded in August (previously reported: -7.1% year-on-year). September's decline was the result of an improvement in electricity as well as in mining and quarrying. On a monthly basis, industrial production rebounded from a revised 10.7% contraction in August (previously reported: -10.5% month-on-month) to an 8.1% expansion in September.
As a result of the annual reading, annual average variation in industrial production rose from minus 3.1% in August to minus 2.7% in September.
FocusEconomics Consensus Forecast panelists see industrial production declining 2.5% in 2013, which is down 0.1 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 0.4%, which is up 0.7 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist