Greek Manufacturing Sector Continues To Contract

Greek Manufacturing Sector Continues To Contract


Activity in the Greek manufacturing sector decreased for the thirty-fifth consecutive month in July, as production, new business intakes and employment all fell sharply, data from a survey by Markit Economics showed Wednesday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector came in at 41.9 in July, registering below the no-change 50 mark - which separates growth from contraction - for the thirty-fifth successive month. In June, the reading was 40.1.
New orders received by Greek manufacturers decreased significantly in July, reflecting the impact of the lingering financial crisis and recession in the country.
Consequently, production at factories decreased notably, though at a slower rate than in the previous month. Firms reduced their staffing levels for the fifty-fist successive month in July.
Input price inflation remained high during the month. However, strong competitive pressures and muted demand led to a further marked reduction in output charges.

More FOREX-news on pages InstaForex.Com