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Financial News: Greece Manufacturing Growth Improves In October

Greece Manufacturing Growth Improves In October

11/01/2021 - 07:27:00 (RTTNews)

(RTTNews) - The Greek manufacturing sector logged one of the strongest growth rates in the series history, survey results from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index rose to 58.9 in October from 58.4 in September. A score above 50.0 indicates expansion.

Central to the uptick was a marked increase in new order inflows. Firms registered stronger client demand in both domestic and international markets.

However, output growth was hampered by severe supply constraints amid material shortages and delivery delays. Meanwhile, staffing levels rose at a marked and accelerated pace in October.

In line with greater client demand, firms raised their purchasing activity at the start of the fourth quarter to secure input stocks amid material shortages.

Input cost inflation accelerated to a fresh new series high. Accommodative demand conditions allowed firms to partially pass on higher costs, which they did so at a survey-record pace.

Further, the survey showed that firms remained widely upbeat about their output prospects for the year ahead in October.

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