Greece Manufacturing Sector Contracts Further
Greece’s manufacturing activity deteriorated for the third straight month in September, due to solid falls in output and new orders amid inflationary pressures, survey data from S&P Global showed Monday.
The seasonally adjusted Purchasing Managers’ Index, or PMI, for the manufacturing sector rose to 49.7 in September from 48.8 in August.
However, any score below 50 suggests contraction in the sector.
Output logged a sharp fall in September following a continued contraction in new orders. The lower production was attributed to weak customer demand and higher selling prices.
Export orders were negatively affected by challenging economic conditions and strong inflationary pressures in key export markets, especially in Europe.
Input price inflation quickened in September, led by higher prices of materials, transport, energy, and fuel.
Manufacturing employment fell for a second successive month in September, but only marginally.
Looking ahead, goods producers remained confident of a rise in output over the coming 12 months in September.
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