Greek industrial output rises

Industrial production rose 0.5 percent year-on-year in December after a revised 5.4 percent drop the previous month, boosted by a 7.1 percent rise in electricity production, data from the country's statistics service showed on Monday.

Industrial production series are usually volatile and subject to sizeable revisions

Greece's economy is on the cusp of recovery this year after shrinking by about a quarter through six straight years of recession. December's reading meant industrial output shrank 3.6 percent in 2013 overall reports Reuters.

The sector has been in decline since 2008, contracting by a full 30 percent from its peak.

Athens projects gross domestic product (GDP) will expand by 0.6 percent this year. Manufacturing sentiment was pointing towards growth for the first time in almost four years in January, based on the latest PMI indicator.

"The positive reading reflects rising foreign orders and better domestic demand for industrial products," said Eurobank economist Platon Monokroussos. "Viewed with the latest PMI readings, it suggests a stabilisation in industrial activity following the steep decline over the last years." Other recent data have pointed to green shoots in the economy.

Retail sales rose in November for the first time since April 2010, while construction activity grew in October for the first time in two years. Separate data released by ELSTAT on Monday confirmed that Greece's battered car market has started recovering, although from very low levels.

Registration of new passenger cars rose at an annual pace of 12 percent in January to 6,169 vehicles. But the industry has shrunk to almost a fifth its size during Greece's crisis. Just 62,454 new passenger cars were sold in 2013, compared with almost 280,000 in 2007, the last year in which Greece's economy expanded.