ECONOMY

Twenty-percent drop in industrial investment in 2012

Investment in industry declined by 20 percent last year compared with the year before, according to a survey published on Thursday by the Foundation for Economic and Industrial Research (IOBE), confirming previous estimates for an 18.8 percent annual drop.

Nevertheless, enterprises’ expectations for this year have improved since October, when they forecast a 19 percent slide, as they now believe the drop will be restricted to 7.6 percent in 2013.

This serves to illustrate that the recession in the Greek economy may not be as deep this year as originally feared.

The textile sector was the hardest-hit last year, when it suffered a 64.6 percent slump in investment.

In contrast, non-metallic minerals witnessed a huge surge in investment, of 76.3 percent, while the food-drink-tobacco sector enjoyed considerable growth in funds invested, amounting to 9.7 percent.