Greek Industrial Output Jumps 8.3% in March on Electricity Surge
Greek industrial production rose 8.3% year on year in March, comfortably beating market expectations. A sharp jump in electricity generation was the principal driver, the country's statistics office said.
Greek industrial production rose 8.3% year on year in March, the national statistics agency Elstat said, well above the roughly 4% consensus expected by economists. The reading reinforces signs of recovery on the European Union's southern flank.
The surge was led by a sharp increase in electricity output, with manufacturing and mining also contributing positively on an annual basis. Within manufacturing, the food, chemicals and metals subsectors stood out.
The data point matters for investors tracking the European Central Bank's rate path because it feeds into the euro area's growth dynamics. Greece has, over the past three years, joined the bloc's fastest growing economies thanks to a recovery underpinned by tourism and energy investment.
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