Greece Industrial Production: July 2015 Numbers Do Not Look Good

    industryThe output of the Greek industrial sector decreased by 1.6% in July 2015 in comparison to July 2014, according to the Hellenic Statistical Authority (ELSTAT).

    Among the sectors with significant slow downs were the manufacturing sector with a 5.7% reduction in output, the mining sector whose production decreased by 4.8%, while water provision fell by 3.2%. At the same the index of electricity production increased by 13.8%.

    July 2015 was a depleting month for the Greek economy, with capital controls being imposed on June 28. During that month, more than 16,000 Greeks lost their jobs, Greek bank deposits fell to 2003 levels and the Greek Manufacturing PMI dropped to record lows.

    ELSTAT further found that the period between January and July 2015 showed a 0.7% reduction in the production of the industrial sector, in comparison to the same period in 2014. At the same time, the industrial sector production of the January through July 2014 period decreased by 2.1%, in comparison to January through July in 2013.