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Financial News: Greece Manufacturing Sector Expands Further

Greece Manufacturing Sector Expands Further

12/01/2017 - 05:00:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity expanded for the sixth successive month in November, survey data from IHS Markit showed Friday.

The seasonally adjusted Purchasing Managers' Index, or PMI, edged up to 52.2 in November from 52.1 in October. Any reading above 50 indicates growth in the sector.

Strong client demand remained the driving force behind the expansion, with the rate of new business growth hitting a 45-month high.

Consequently, firms hired additional workers at one of the fastest rates in the survey's 18-and-a-half year history.

"These are encouraging signs for the Greek economy which has suffered from both a chronic lack of demand and an exceedingly high rate of unemployment," Alex Gill, Economist at IHS Markit, said.

Output continued to increase in November, though at a weaker pace.

On the price front, input price inflation eased to a 3-month low in November. The slowdown contributed to a stagnation in average selling prices.

Firms maintained a confident outlook towards their prospects for growth over the coming 12 months.

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