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Financial News: Greece Manufacturing Growth Strongest In 9 Years

Greece Manufacturing Growth Strongest In 9 Years

09/01/2017 - 07:09:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity expanded at the quickest pace in nine years in August, driven by solid rise in new business, survey figures from IHS Markit showed Friday.

The seasonally adjusted Purchasing Managers' Index, or PMI, climbed to 52.2 in August from 50.5 in July. However, any reading above 50 indicates expansion in the sector.

The latest figure signaled the third successive improvement in Greek manufacturing sector conditions, and the sharpest since August 2008.

New orders grew at the sharpest pace since May 2014. Furthermore, the rise in client demand was broad-based, with new export orders also increasing in August for the first time in 12 months.

Higher demand forced firms to raise their staff numbers in August and the rate of job creation was the most marked in over seventeen-and-a-half years.

On the price front, input price remained solid, despite easing from July. On the other side, selling prices rose as higher client demand increased manufacturers' pricing power.

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