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Downturn in Greece’s manufacturing sector intensifies in October

Staff Writer | November 3, 2016
The downturn in Greece’s manufacturing sector intensified during October, as declines in both output and new orders were recorded.
Greece’s manufacturing
Europe   Markit Greece Manufacturing PMI
Despite a further substantial drop in outstanding business, firms continued to add to their payrolls.

On the price front, cost pressures built further, yet goods producers maintained their current price cutting policies, although at a more subdued pace. The seasonally adjusted Markit Greece Manufacturing Purchasing Managers’ Index (PMI) fell from 49.2 in September to a five-month low of 48.6 in October.

The latest figure signalled a slightly faster contraction of Greece’s manufacturing sector, however, the downturn still remained only modest. Production at Greek goods producers lowered for a second successive month in October. Although the rate of contraction quickened to the sharpest since July, it remained relatively slight.

Weaker underlying demand was cited by some panellists as one of the factors behind the fall in output.

Total new orders fell further in October.

The rate of decline was solid and quickened since September. Moreover, the contraction was broad-based, as panellists registered falling new business from both the domestic and foreign market.

Furthermore, the rate at which new export orders lowered was the sharpest since June.