ECONOMY

September industrial output up

september-industrial-output-up

Industrial output in Greece continued to register high growth rates in September, displaying strong resistance to the increased operation costs of industrial units due to the hikes in energy rates, raw materials and packaging.

The figures issued on Wednesday by the Hellenic Statistical Authority (ELSTAT) showed the industrial output index jumped 9.7% compared to September 2020, against an annual decrease of 2.1% last year compared to September 2019.

The average index for the first nine months in 2021 posted a 9.5% annual increase. In September output posted monthly growth of 1.3% from August.

The increase in industrial production is to a great extent related to the fact that global economic activity has this year resumed, almost in full mode. Another, even more significant factor, is the very high demand for Greek food products abroad, while several foreign companies in the fashion industry have started turning to Greek apparel enterprises due to problems in the Chinese production and supply chain.

Nevertheless, given the rise in inflation last month, that trend seen until September may not be sustained.