UPDATE 1-Greek industrial output rises in Aug for first time in over 4 yrs

* Industrial output up 2.5 pct y/y

* First positive reading since April 2008

* Led by exports, not enough to lift entire Greek economy

(Adds analyst comment)

ATHENS, Oct 10 (Reuters) - Greek industrial output rose inAugust for the first time since the country's debt crisis began,led by higher exports, data from statistics agency ELSTAT showedon Wednesday.

The indicator rose by 2.5 percent year-on-year, its firstpositive reading since April 2008, according to ELSTAT data.

Economists attributed the rise to Greece's export industry,which has benefited from falling labour costs as the country hasimplemented policies laid out under its bailout deal.

"Industrial sectors with export orientation, such aspharmaceutical products as well as basic metals and metallicminerals, led the recovery," said Nick Magginas, an economist atNational Bank of Greece.

Industry accounts for just 15 percent of Greece's economy,meaning a revival in the sector is unlikely on its own to leadto a sustained recovery.

The Greek economy is expected to remain in deep recessionfor a fifth consecutive year in 2012, fuelled by austeritypolicies as part of the country's EU/IMF bailout.

The Greek government expects GDP to shrink by 6.5 percentthis year after a 7.1 percent contraction in 2011.


KEY FIGURES AUG JULY JUNE MAYIndustrial output y/y +2.5 -4.9* -0.2* -3.1Manufacturing output y/y +2.0 -7.8 -4.3 -3.1


* revisedsource: ELSTATDATA IN DETAIL (in pct y/y) AUGMining production -3.0Electricity production +5.8Water output +1.3


Energy +9.0Intermediate goods -0.9Capital goods -23.2Consumer durables -27.1Consumer non-durables -0.1


source: ELSTAT

BACKGROUND: Industry accounts for about 15 percent of theoutput of Greece's service-oriented economy, with manufacturingmaking up slightly more than 11 percent of gross domesticproduct.

For more information on Greek macroeconomic data, users ofReuters 300Xtra can access the Hellenic Statistics Servicehomepage at:

(Reporting by Harry Papachristou and Renee Maltezou; Editing byCatherine Evans)

((harry.Papachristou@thomsonreuters.com)(+30 210 33 76 455 or+30 6949 440 106)(Reuters Messaging:harry.papachristou@thomsonreuters.com@reuters.net))


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