Industrial production slumps 11pct in April

Industrial production in Greece slumped by 11.0 percent in April, compared with the same month in 2010, according to figures released by the independent Hellenic Statistical Authority (ELSTAT) on Wednesday.
The Production Index in Industry (IPI) in April 2011 compared with April 2010 recorded a decline of 11.0%. In April 2010, the annual rate of change of the IPI was -6.3%.
In the 4-month period from January 2011 to April 2011, the average rate of change of the IPI was -7.3%. In April 2010, the corresponding average rate of change of the IPI was -5.9%.

Business Briefs

- Greece’s finance ministry on Wednesday officially announced that an inter-ministerial restructuring and privatizations commission approved the sale of an additional 10 pct equity stake of Hellenic Telecommunications Organisation (OTE) to Deutsche Telekom.

- Foreign investors raised their participation in the capitalisation of the Athens Stock Exchange in May to 51.2 pct, up from 50.8 pct in April, while Greek investors slightly cut their participation to 47.5 pct from 47.9 pct over the same months, respectively.

- Larco, a Greek iron and nickel industry group included in the government’s privatization programme, on Wednesday said a sharp rise in the price of nickel in international markets, combined with decoupling from loss-making production pre-sale contracts, helped the group return to profitability in 2010.

- Room occupancy rates in hotels located in Athens and the greater Athens area turned positive after a prolonged period of negative trends in April, reflecting a more attractive pricing policy, the Association of Athens-Attica Hoteliers said on Wednesday.

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