Greece 's industrial production slumped 10.0% in May over the previous year, the Hellenic Statistical Authority said Monday.

The slump is a sign austerity measures introduced in 2010 as part of a EUR110 billion bailout plan are taking a heavy toll on Greece's economic activity.

The heaviest drop was in manufacturing production, which decreased 10.8% on year, while electricity production fell 10.5% and water supply declined 7.0% over the same period. Mining and quarrying production decreased 1.4% in May over the previous year.

In the 5-month period from January 2011 to May 2011, the industrial production index declined an average 7.8%, the HSA said.

By comparison, the IPI was down by an average 4.6% in May 2010 over the year earlier period, and 5.7% lower in the five months to May 2010.

The IPI shows the monthly activity in the mining-quarrying, manufacturing, electricity and water supply sectors.

Signs of the severe economic slowdown were even more pronounced in the construction sector. According to provisional data published by the HSA Friday, total building activity in March 2011--which is calculated on the basis of the number of issued building permits--sank 40.4%, amounting to 2,747 permits, compared with the same month in 2010.

The sector has been hit by deep cutbacks to public investment programs, rising taxes and increased consumer and business uncertainty due to the fiscal crisis.

Private building activity nationwide amounted to 2,733 building permits in March, a 40.5% decrease in volume over the year-earlier period, while public building activity in totaled 14 building permits over the same period.
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