Trade with Greece
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2008, and these same industries are, according
to market analysts, the first to send out recovery
signals.
Thus, according to ELSTAT data (11-months
2010), the mining of metal ores rose by 15.9%,
other mining and quarrying products increased by
1%, the extraction of crude petroleum and natural
gas increased by 49.6%, while in the manufactur-
ing sector basic metals increased by 11.2%, coke
and refined petroleum products by 5.7% and fab-
ricated metal products by 1.7%. Moreover, there
was a 12.6% increase in wood and cork manu-
facturing, a 4.1% increase in basic pharmaceuti-
cal products and preparations and a 0.7%
increase in chemicals and chemical products.
Output increases are mainly detected in export-
based industries or industries able to offset the
loss from domestic sales through extroversion.
Indeed, in many categories, such as the mining of
metal ores or other mining and quarrying prod-
ucts, this increase has reversed the decline regis-
tered during 2009.
In detail, based on November 2010 data, industri-
al production per each sub-index registered the
following year-on-year changes:
a. Mining and quarrying production decreased by
6.3%
b. Manufacturing production decreased by 4.9%.
c. Electricity production decreased by 9.3%
d. Water supply production decreased by 0.8%.
A better future?
The most promising piece of data announced by
ELSTAT in regard to industry is probably the new
orders index, which rose by 6.5% last November.
And, of course, by examining the evolution of the
index we can see that the only option for Greek
