BUSINESS

Greece's industrial output continues to suffer

Greece’s industrial slump deepened further as output contracted in November for a fifth consecutive month, to the tune of 6.1 percent, Hellenic Statistical Authority (ELSTAT) data showed on Thursday, highlighting the ravages of a six-year recession even as the debt-laden economy is showing tentative signs of recovery elsewhere.

The revised figure for the previous month pointed to a 4.7 percent contraction.

The reduced production of wood, petroleum, carbon and metal products led to a 5.8 percent decline in manufacturing output in November.

The drop brings the overall decline in Greek industrial output to an annual pace of 3.9 percent in the first 11 months of the year, compared to a 3.4 percent drop for the whole of 2012.

Greek industrial production has been on the wane since 2008, and has dropped by about 30 percent since its peak.

[Reuters]

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