The participation of manufacturing in Greece’s GDP has returned to the levels of 2008.
INDUSTRY
Eurozone industrial production declined by more than expected in October, with the sharpest drop for capital goods such as machinery, reinforcing survey indications that the single-currency area is in a recession. The EU’s statistics office Eurostat said on Wednesday that industrial production in the 20 countries sharing the euro fell by 0.7% month-on-month in October for a 6.6% year-on-year drop.
Greek factory activity picked up slightly in November for the 10th month in a row amid rising production volumes, but subdued export sales held back order books, a survey showed.
Lower labor taxes, a new framework of labor relations, increased participation by women, young people and recently pensioned-off people in the labor market, and a brain gain were the proposals that Hellenic Federation of Enterprises (SEV) Chairman Dimitris Papalexopoulos referred to on Tuesday.
Greek industrial output declined 0.5% in August compared to the same month a year earlier, after a 1.9% drop in July, data from statistics service ELSTAT showed on Tuesday.
Hellenic Defense Systems SA (HDS) received a new order for components of the European medium-range infrared homing air-to-air Iris-T missiles worth 28.8 million euros, it announced on Tuesday.
Evangelos Mytilineos has blamed the European Union for inaction in the face of the continuous contraction of industrial production due to the war in Ukraine.
Industry in Greece offers the highest wages compared to other sectors of the economy, at a rate that has varied between 26% and 32% in recent years.
The industrial production index recorded a decrease of 1.9% in July, with the trend however remaining marginally positive on a seven-month level. July, though, was the second consecutive month in which a decrease in industrial production was recorded, which may be a warning for a possible decline in demand from the domestic and especially from the international market.
The Overall Turnover Index in Industry declined 17.2% year-on-year in June 2023, Greece’s independent statistics authority, ELSTAT, announced on Friday.
Industrial production in Greece rose 2.1% in January-May 2023 compared to the same period in 2022, outperforming the eurozone, as natural gas prices continued to decline and companies reined in payroll costs, data released by statistics agency ELSTAT show.
The US Congress has approved financing through borrowing for ONEX Shipyards to carry out the consolidation plan for Elefsis Shipyards.
Mytilineos on Thursday announced it has entered into definitive agreements for the purchase by Mytilineos’ M Renewables of a portfolio of five solar projects located in Alberta, Canada, from Westbridge Renewable Energy Corp, a utility-scale solar photovoltaics development company, with an anticipated aggregate capacity of 1.4 gigawatts upon commercial operation.
The US International Development Finance Corporation’s (DFC) participation in Elefsis Shipyards is currently at $125 million, Development and Investment Minister Adonis Georgiadis said this week.
Mytilineos is close to reaching an agreement on green energy in North America, Evangelos Mytilineos, chairman and CEO of Mytilineos Energy & Metals, told Bloomberg TV on Tuesday.
Titan Group reported a 29.3% increase in its first-quarter sales totaling 588.1 million euros, reflecting increased demand in most countries, mild weather conditions and better price levels.
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