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Financial News: Greece Manufacturing Growth Highest In 3 Months

Greece Manufacturing Growth Highest In 3 Months

08/01/2019 - 07:27:00 (RTTNews)

(RTTNews) - Greece's manufacturing growth rose to the highest pace in three months in July amid increases in output, new orders and employment, data from IHS Markit showed on Thursday.

The manufacturing purchasing managers' index rose to 54.6 in July from 52.4 in June. Any reading above 50 indicates an expansion in the sector.

New orders accelerated in July from the previous month and output increased. Employment level expanded, which reduce the backlogs of work for the sixth straight month.

Pre-production inventories declined for the tenth month in a row in July and stocks of finished goods also decreased.

Input cost inflation softened for the fourth straight month in July to the weakest level in nearly three years.

"Businesses were noticeably boosted by the upturn, with the sentiment-led Future Output Index climbing to a record high," David Owen, economist at IHS Markit, said.

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