ECONOMY

Greek industrial output falls 1.6 pct y/y in July

greek-industrial-output-falls-1-6-pct-y-y-in-july

Greek industrial output fell 1.6 percent in July from the same period a year earlier, dropping for a second month in a row, statistics service ELSTAT said on Wednesday, as deadlocked talks with creditors hit economic activity.

Manufacturing production shrank 5.7 percent from the same month a year earlier, ELSTAT said. Mining output declined by 4.8 percent while electricity production rose by 13.8 percent.

The imposition of capital controls in June has exerted a marked slowdown in economic activity.

Greece's economy grew 0.9 percent in the second quarter, helped by consumer spending and net exports. Its performance supports a more favorable outlook for the year as a whole than the official forecast of the European Commission for a 2.3 percent contraction. [Reuters]