Yes, Greece Is So Very Fixed: Industrial Output Down 3rd Consecutive Month & 5.5% Y/Y

Reposted From MacroPolis

The Turnover Index in Industry continued heading south for the third successive month dropping by 4.9 percent in May from a revised -10.5 percent in April, according to the Hellenic Statistical Authority (ELSTAT). The May performance indicates the ninth negative reading in the past 17 months, while four months showed a double-digit drop over this period.

In addition, the average index posted a decline of 5.5 percent over the trailing 12 months. Manufacturing turnover fell 5.6 percent in May, while mining and quarrying turnover retained its upward trend at an accelerating pace soaring by 57.1 percent in May. Nevertheless, the latter makes up only a fraction of the total turnover index, thus it has a minimal impact on the headline figure.

The regional breakdown showed a mixed pattern with turnover for the domestic market rising by 4.2 percent, while that for the non-domestic market showed a double-digit drop (-14.2 percent). The latter was almost equally split for the eurozone and non-euroarea countries, which posted a decline of 11.4 and 15.2 percent respectively.

Two main industrial groupings - energy and capital goods - showed a drop of 11 and 1.6 percent respectively. Turnover in consumer non-durables remained stable, while turnover in consumer durables and intermediate goods rose by 2.8 and 1.9 percent respectively.

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