Greek Manufacturing Activity Continues To Fall

Greek Manufacturing Activity Continues To Fall


Activity in the Greek manufacturing sector continued to decrease in August, though at a slower rate, data from a survey by Markit Economics showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector edged up to 42.1 in August, but remained below the no-change 50 mark that separates growth from contraction. The sector contracted for the sixth consecutive month.
New orders received by manufacturing firms decreased sharply in August, with demand in both the domestic market as well as export market falling. Reflecting the slump in new orders, output in factories decreased further during the month.
Manufacturers reduced their staffing levels markedly during the month in line with poor underlying trends in orders and output.
Input price inflation accelerated to a four-month high. Meanwhile, average output charges dropped for an eighteenth successive month amid competitive pressures and poor demand.


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