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Financial News: Greece Manufacturing Downturn Worsens In March

Greece Manufacturing Downturn Worsens In March

04/03/2017 - 06:28:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity deteriorated for the seventh successive month in March, survey figures from IHS Markit showed Monday.

The seasonally adjusted Manufacturing Purchasing Managers' Index, or PMI, fell to 46.7 in March from 47.7 in February. Any reading below 50 suggests contraction in the sector.

Both output and new orders continued to decline in March. Consequently, firms reduced their workforce numbers for the fourth successive month.

On the price front, input price inflation remained sharp in March. Despite this, selling prices fell for the third straight month.

"On a more positive note, firms remained confident that output would expand over the coming 12 months. A number of panellists predicted an improvement in economic conditions. Key to this would be a positive conclusion to the current bailout negotiations which could help to firm up client demand," Alex Gill, Economist at IHS Markit, said.

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