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Financial News: Greece Manufacturing Sector Contraction Slows In December

Greece Manufacturing Sector Contraction Slows In December

01/04/2021 - 06:40:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity contracted in December, but at a softer pace, survey results from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index increased to 46.9 in December from 42.3 in November. Any reading below 50.0 indicates contraction in the sector.

Production declined further in December and client demand continued to fall as the extended lockdown measures impacted new order inflow.

New export orders decreased in December and suppliers' time lengthened.

Cost burden increased at the fastest pace since March 2011 and output charges declined fractionally.

The rate of job shedding eased in December and the number of workforce fell modestly. Backlogs of work decreased as new order inflows contracted.

Business optimism improved in December and the degree of confidence rose to the strongest since February.

"Although signaling slightly brighter news at the end of 2020, December data still painted the picture of a challenging landscape for Greek manufacturers as we head into 2021," Sian Jones, economist at IHS Markit, said.

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