Greek factory activity slows in March for seventh straight month

3 April 2017
206 Views

Greek manufacturing activity contracted in March for the seventh month in a row as a sharp decline in new business led to production cuts and job shedding, a survey showed on Monday.

Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10 percent of the economy, fell to 46.7 points from 47.7 in February. Readings below 50 denote a contraction in activity.
The rate of decline in new orders, including from abroad, picked up from February as political and financial uncertainty continued to depress client demand.

“March data signalled an ongoing downturn in the Greek manufacturing sector as output and new orders continued to fall at sharper rates,” said IHS Markit economist Alex Gill.

“This led to a further drop in staffing numbers, compounding the country’s stubbornly high level of unemployment.”
Faced with lower production requirements, companies reduced jobs for the fourth consecutive month and at a faster pace than February.
Manufacturers faced another increase in average cost burdens in March while factory gate prices fell for the third straight month as some firms reduced prices to attract clients.

“On a more positive note, firms remained confident that output would expand in the coming 12 months. Some predicted an improvement in economic conditions, key to which would be a positive conclusion to current bailout negotiations,” Gill said.

You may be interested

FYROM referendum: Will the Albanian minority impose the Prespes agreement?
DEFENCE
shares8 views
DEFENCE
shares8 views

FYROM referendum: Will the Albanian minority impose the Prespes agreement?

Panos - Jul 20, 2018

The picture of the absolute division inside FYROM is drawn by the first poll in view of the extremely critical…

Weather forecast: Fair
GREECE
shares7 views
GREECE
shares7 views

Weather forecast: Fair

Panos - Jul 20, 2018

Fair weather and winds from variable directions are forecast for Friday. Wind velocity will reach 7 on the Beaufort scale.…

Athens Newspapers Headlines
GREECE
shares7 views
GREECE
shares7 views

Athens Newspapers Headlines

Panos - Jul 20, 2018

Leave a Comment

Your email address will not be published.