Industrial turnover down 17.2%

The Overall Turnover Index in Industry declined 17.2% year-on-year in June 2023, Greece’s independent statistics authority, ELSTAT, announced on Friday.

This means that the prices of industrial products have declined, but not to the levels seen before February 2022. In June 2022, the Turnover Index had risen 43.1% compared to June 2021, ELSTAT notes.

Month-on-month, the index rose 1.6% in June 2023.

The drop in the index mostly reflects lower prices in materials: for example, the 17.4% drop in the manufacturing sub-index is mainly due to a drop in the prices of coke and refined petroleum products, chemicals and basic metals, ELSTAT says.

The steeper than average drop in the non-domestic markets index (23.8%), especially non-eurozone (33.8%), may be a deliberate pricing policy to maintain market share. But the turnover drop may also be due to lower demand.