Greece’s industrial output narrowed for the fourth consecutive month, down 1.8 percent year-on-year in August, hurt by weaker manufacturing, the statistics service (NSS) said yesterday. In the year to August, Greece’s industrial output contracted 3.0 percent compared to the same period a year ago, NSS said.
Weaker industrial activity this year is reflected in slowing economic growth. Greece’s economy, about 2.5 percent of the eurozone, decelerated to a 3.5 percent annual expansion clip in the second quarter. Last year it grew 4.0 percent.
“Industrial output contraction is due once again to a fall in manufacturing production, specifically to a slowdown in bsectors such as textile, mining, on the back of lower demand from abroad and a worsening of prospects for domestic demand,” said Nicholas Magginas, economist at National Bank. “Manufacturing is expected to continue falling for the rest of the year as the situation in world markets worsens.”
(KATHIMERINI, 11-12/10/2008)