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Greece Manufacturing Sector Deteriorates Further


Greece’s manufacturing activity contracted for the fifth straight month in November, due to solid falls in output and new orders amid inflationary pressures, survey data from S&P Global showed Thursday.

The seasonally adjusted Purchasing Managers’ Index, or PMI, for the manufacturing sector rose slightly to 48.4 in November from 48.1 in October.

However, any score below 50 suggests contraction in the sector.

Overall, new orders and output declined due to weak domestic and foreign demand. As a consequence of lower new sales, firms reduced their workforce again, and backlogs of work shrank.

Despite easing from October, the rate of cost inflation was historically elevated amid further hikes in energy and raw material prices.

As a result of cost-cutting initiatives, both pre- and post-production inventories were depleted.

In November, Greek manufacturers were more optimistic about their future thanks to increased investment and higher demand.

*Cyprus Q3 GDP Up 5.5% Y/Y, Flash Unrevised

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