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Greek industrial output falls 4% year-on-year in May

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Greek industrial output tumbled 4 per cent from the same period a year earlier after a three-month rise, statistics service ELSTAT said on Friday, as political upheaval and deadlocked talks with creditors hit economic activity.

[ATHENS] Greek industrial output tumbled 4 per cent from the same period a year earlier after a three-month rise, statistics service ELSTAT said on Friday, as political upheaval and deadlocked talks with creditors hit economic activity.

Manufacturing production shrank 2.7 per cent from the same month a year earlier, ELSTAT said. Mining output declined by 15 per cent while electricity production dropped by 7.5 per cent.

For 2014 as a whole, industrial output shrank 2.2 per cent year-on-year.

Greece's economy contracted by 0.2 per cent in the first quarter, dipping back into recession after a fragile recovery last year.

It was expected to expand by only 0.5 per cent this year based on the latest EU Commission forecasts but the imposition of capital controls and the shuttering of banks is already exerting a marked slowdown in economic activity.

REUTERS

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