Greek industrial output drops 3.1 pct year-on-year in March

Greek industrial output fell 3.1 percent year-on-year in March, from an upwardly revised expansion of 3.1 percent in the previous month, statistics service (ELSTAT) said on Friday.

The decline is primarily due to a decrease of 8.3 percent in electricity production, which often depends on household heating use. Mining and quarry production dropped at an annual pace of 4.2 percent and manufacturing output by 1.5 percent.

Greek industry has been in decline for six consecutive years in 2008-2013, contracting by a total 30 percent from its peak.

But the indicator has expanded in three out of the last four months, in a further sign that the country’s economy is bottoming out.


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