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Greece manufacturing growth dips sharply, orders at lowest level since 2015

Christian Fernsby ▼ | April 1, 2020
Greece's manufacturing sector showed a deterioration in operating conditions in March, bringing an end to the near-three year sequence of expansion, IHS Markit said.
Greece factory
Greece   Factory
“The overall contraction was driven by robust declines in production and new orders, as the outbreak of coronavirus disease 2019 (COVID-19) caused factory closures and stark reductions in domestic and foreign client demand,” Markit said, adding “subsequently, firms cut their workforce numbers at a steep rate amid lower order book volumes and a marked fall in incomplete work.”

Topics: Greece manufacturing

Business confidence also turned negative at the end of the first quarter over fears of closure and the longevity of the virus's impact on the economy. Meanwhile, output charges fell at the fastest pace for over four years, despite higher input costs, as firms tried to attract orders, Markit noted.

Markit's PMI for manufacturing stood at 42.5 in March, down from 56.2 in February.