Greece Industrial Production - YoY

Description

Released on a monthly basis by the National Statistics Service, industrial output captures production volumes of manufacturing industries. The report is used to gauge inflationary pressures in Greece. The headline indicator is expressed as a percentage change from the previous month.
Latest Release: 10-12-2014 10:00:00
Next Release: 09-04-2014 09:00:00
Source:Hellenic Statistical Authority
Greece Industrial Production Falls Again
Sep 9th, 2014 at 10:00 AM

There is no sign of the weakness abating in Greece’s Industrial sector as evidenced by this morning’s production data. The year on year Industrial Production figures for June have a yielded a fifth straight month of contraction in the sector. At -2.1% there was some improvement on June’s revised -5.4% but markets were hoping to see growth or around 3.6% on the month. The manufacturing subsector however is beginning to perform, the latest July figure showed that this expanded by 2.3% year on year recovering from June’s 3.6% contraction. It is the mining and electricity production components that are dragging down the overall Industrial numbers, these have contracted by 15.4% and 12.2% respectively.

Despite the struggling industrial aspect of the economy there are signs that the overall economic situation is improving in this crises hit country. The Government are predicting positive GDP growth in the third quarter of this year, this would represent the first recording of expansion since 2008. Prime Minister, Antonis Samaras, noted that “in the third quarter of 2014, the Greek economy will register growth for the first time in 24 quarters”. The overall growth for 2014 is now being forecast in the region of 0.6%, this follows a contraction of 1.1% and 0.3% in the first two quarters respectively.

Greece is still bearing a public debt level of 175% of GDP and is likely to seek further debt relief early next year, this may be...