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Financial News: Greece Manufacturing Sector Contracts Most Since December

Greece Manufacturing Sector Contracts Most Since December 2020

11/01/2022 - 08:54:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity logged the worst decline in nearly two years in October amid subdued client demand, survey data from S&P Global showed on Tuesday.

The seasonally adjusted Purchasing Managers' Index, or PMI, for the manufacturing sector dropped to 48.1 in October from 49.7 in September.

Any score below 50 suggests contraction in the sector.

The downturn in the health of the Greek manufacturing sector was moderate overall, but quickened to the sharpest since December 2020, the survey said.

The decline in output was the second-fastest in almost two years, linked to weak client demand and lower new order inflows, which fell at the steepest pace in almost two years.

Prices of energy and inflation lowered the purchasing power of consumers, weighing down demand conditions.

On the price front, the rate of input price and output charge inflation accelerated in October on higher prices of energy, fuel and transportation.

Manufacturers reduced their staffing levels further amid a sharp reduction in backlogs of work.

Business confidence among Greek goods producers remained weak in October, with the outlook index easing to its lowest since May 2020. Energy price volatility and challenging domestic and foreign market conditions hampered confidence.

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