Greek industrial production expands, prospects are deemed good

Greek industrial production expands, prospects are deemed good

Industrial production in Greece rose 2.1% in January-May 2023 compared to the same period in 2022, outperforming the eurozone, as natural gas prices continued to decline and companies reined in payroll costs, data released by statistics agency ELSTAT show.

Manufacturing, which accounts for 73% of the industrial index, rose 5.7% year on year and mining production was up 9.6%.

By contrast, electricity production declined 12.3%.

Turnover and employment in manufacturing rose 8.9% and 2.6% year-on-year, respectively.

Optimism about manufacturing’s prospect in the index of purchasing managers (PMI) reached 53.5 in July.

A reading above 50 means that expansion is expected.

By contrast, the PMI in the 20 eurozone countries averaged 42.7, its lowest level since May 2020, at the height of the pandemic lockdown.

In Austria and Germany, for example, July PMI stood at 38.8 and was underwater in France (45.1) and Ireland (47.0).

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