Greece: Industrial production plunges in May
July 11, 2011
Industrial production plummeted in May, recording the second sharpest drop since July 2009 and confirming that the economy is deeply mired in recession. In May, industrial production declined 10.2% over the same month last year, following April's drop of 11.0%. The contraction was broad-based as all sub-components dropped, specially manufacturing, which fell 11.1% over the same month last year (April: -11.3% year-on-year). The annual average variation in industrial production confirms the deterioration suggested by the annual reading, stepping down from minus 6.3% in April to minus 6.7% in May.