While Greece is suffering due to the financial crisis and austerity measures imposed by its international creditors, the country has also suffered another blow. It was announced today, February 9, that Greek industrial production fell by 3.8% in December 2014, compared to the same month of the previous year. This significant drop is much worse than what economists had predicted, according to the Financial Times. It was estimated that industrial production in Greece would drop by 1.5% but that number more than doubled and presented a significant setback, since Greek industrial production showed signs of growth (2.3%) in November 2014. According to data released by the Hellenic Statistical Authority (ELSTAT), manufacturing production showed a 2.1% growth during December, however, electricity production dropped significantly (18.6%). Furthermore, mining and quarrying production also showed a 13.2% and 4.2% decrease respectively. Meanwhile, investors are already hesitating to bring their money to Greece, especially after Greek Prime Minister Alexis Tsipras’ speech at the Parliament on Sunday, February 8, where he stressed that he was not going to accept another bailout program extension. According to Tsipras, Greece will attempt to reach an agreement for a bridge loan until June in order to help its economy recover.
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