Greece: Industrial production plunged in September
November 9, 2010
In September, industrial production plunged 7.1% over the same month last year, which represented a strong deterioration compared to the 1.2% drop registered in August. The reading confirms the notion that the industrial sector remains mired in recession. The deterioration in September was driven by a sharp drop in mining and quarrying, which plummeted 22.3% year-on-year contrasting the 5.8% expansion in August, as well as the all-important manufacturing sector, which contracted 8.4% yoy (August: -2.6% yoy). However, water supply was the only sub-category to register an improvement (August: +2.5% yoy, September: +3.5% yoy). Despite the monthly reading, the trend continues to improve, as the annual average variation in industrial production inched up from minus 6.2% in August to minus 6.1% in September.