ECONOMY

Greek industrial output posts decline for August

Greek industrial output fell 5.7 percent year-on-year in August after an downwardly revised 1.1 percent contraction in July, its sixth straight month of decline, statistics service ELSTAT said on Friday.

The drop was mainly due to a 6.5 percent decline in mining output and a 18.1 percent fall in electricity production.

Manufacturing production fell by 0.9 percent compared to the same month a year earlier.

August’s drop was the sixth consecutive contraction in industrial output since February this year, based on revised data that sets 2010 as the base year, ELSTAT said.

Greek industrial output declined for six consecutive years over 2008-13, contracting by a total of 30 percent from its peak.

[Reuters]