Greek manufacturing production hit by economic recession

Greece’s non-metal minerals industry is suffering from a steep fall in demand and was currently operating in conditions similar to the early 1960s, industry officials told ANA-MPA. The non-metal minerals industry is fully dependent on building activity and construction activity in general and has suffered most compared with other sectors of Greek industry. Production in the January-March period dropped 24.5 compared with the 2005 levels. Hellenic Statistical Authority said production volume was down 27.7 pct in the first quarter of 2011 compared with the corresponding period in 2010.
Enterprises in the cement, bricks and other building materials category have cut their production capacity to record lows, hit by falling demand, while exports help only to raise liquidity and maintain operation of their production units.

Clothing enterprises cut production levels by 30.4 pct in the first quarter of 2011, compared with the same period last year, as record-high levels of cotton prices combined with an economic recession in the country put more pressure on the sector’s international competitiveness.

Ten out of a total 24 sectors of Greek manufacturing reported production decline of more than 15 pct in the first three months of the year, with industry executives expecting more hits during the year.

Production in the transport equipment sector fell 19.9 pct in the first quarter, furniture production was down 19.8 pct, printing and data reproducing was down 19.3 pct, textiles fell 18.7 pct, leather and footwear production fell 15.8 pct, oil products production fell 15.2 pct after recording a significant increase in production volumes last year.

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