Greek industrial output drops 2.2 pct y/y in April

Greek industrial output fell 2.2 percent year-on-year in April, from a downwardly revised contraction of 2.7 percent in the previous month, statistics service ELSTAT said on Tuesday.

The decline is primarily due to a 3 percent fall in manufacturing production.

Greek industry has been in decline for six consecutive years in 2008-2013, contracting by a total of 30 percent from its peak. But the indicator has expanded in three out of the last five months, in a further sign that the country’s recession is bottoming out. [Reuters]