Greece: Industrial production tumbles 7.5% in May

Greece: Industrial production tumbles 7.5% in May

More dark clouds are gathering over the Greek economy as it enters a recession period, causing great concern to the citizens regarding what is to come, especially given that all analysts agree that the country is heading straight into a recessionary tunnel, parallelly with unemployment rate skyrocketing.

The industrial production in our country showed a big decrease of 7.5% on an annual basis in May. Coal, lignite and machinery were the three products the mining, production or processing of which recorded the largest decline.

According to data by the Greek Statistical Authority (ELSTAT), industrial production in May decreased 7.5% YoY compared to a drop of 0.4% last year; as a result, the period January – May 2020, compared to the same period last year fell 4.2%. On a monthly basis, there was a 0.9% rise in May.

According to the ELSTAT, the leather and leather goods industry recorded the largest percentage increase, while the construction of machinery and equipment items underwent the steepest dive in May compared to April. Comparing May 2020 to May 2019, the largest decrease was recorded in coal and lignite mining, extraction of crude oil and gas and supporting mining activities.

The figures

The 7.5% contraction in industrial production on a 12-months basis occurred due to the decrease:

-By 11.8% of the Mining – Lotteries Index (reductions in coal and lignite mining, extraction of crude oil and natural gas, supporting mining activities, other mines and quarries).

-By 8.4% of the Manufacturing Index, mainly food, beverage, clothing manufacturing, leather and leather goods industry, wood industry and wood and cork products manufacturing, production of other non-metallic mineral products, production of basic metals, manufacture of electrical equipment, manufacture of machinery and equipment, manufacture of furniture, repair and installation of machinery and equipment.

-By 4.8% of the Electricity Supply Index.

-By a 4.8% increase in the Water Supply Index. /ibna