Greece’s industrial production growth markedly improved in March at the fastest rate in more than four years, data from the Hellenic Statistical Authority showed Monday.
Industrial production grew 5 percent annually after a 1.9 percent rise in February. Production rose for the second straight month.
Growth was driven by an 8.2 percent surge in manufacturing output and a 5.7 percent rise in the water supply sector. Output declined 12.3 percent in mining and quarrying and 1.7 percent in electricity sector.
On a monthly basis, industrial production rose 2.7 percent, following the 9.9 percent growth in the previous month. On seasonally adjusted basis, industrial output increased 0.04 percent.
For the three-month period ended March, industrial production increased 2.3 percent, compared to a 2.5 percent decline in the previous year.
The latest Purchasing Managers’ survey from Markit Economics showed that factory sector activity fell for an eighth consecutive month in April, as output and new orders fell at faster rates. Manufacturers reduced their employment level in April, after adding staff modestly in the previous four months.
The material has been provided by InstaForex Company – www.instaforex.com