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Greek industrial output falls 4.5% year-on-year in June
[ATHENS] Greek industrial output fell 4.5 per cent in June from the same period a year earlier, statistics service ELSTAT said on Monday, as deadlocked talks between the government and its creditors hit economic activity.
Manufacturing production shrank 3.6 per cent from the same month a year earlier, ELSTAT said. Mining output declined by 4.9 per cent while electricity production dropped by 8.2 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 but the imposition of capital controls and the shuttering of banks is already exerting a marked slowdown in economic activity with latest EU commission forcasts for a reccesion between 2-4 per cent.