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GREEK NEWS

Greece’s Industrial Production Declines Less than Other EU Countries

 

Industrial production in Greece is in better condition than in other Eurozone countries, according to new report. Photo: AMNA

Industrial production in Greece fell by less than the average decline in the Eurozone, Eurostat said in a report on Tuesday. Production worldwide has greatly slowed down in recent months due to the coronavirus pandemic and its related shutdowns.

However, the EU executive’s statistics agency announced that industrial production in Greece fell 7.9 percent in May compared with the same month last year, after a 10.7 percent decline in April, while in the Eurozone industrial production dropped 20.9 percent in May and 28.7 percent in April.

Greece has the fifth-lowest rate of decline after Finland (3.8 percent), Malta (4.8 percent), Lithuania (6.2 percent) and Latvia (6.4 percent), while the steepest declines were recorded in Slovakia (33.5 percent), Hungary (27.6 percent) and Romania (27.4 percent).

In a monthly comparison, industrial production grew 1.3 percent in Greece in May after a precipitous decline in April and a 1.6 percent rise in March. In the Eurozone overall, industrial production rose 12.4 percent in May, after the extremely steep declines of 18.2 percent in April and 11.8 percent in March.

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