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Financial News: Greece Manufacturing Sector Contracts In July

Greece Manufacturing Sector Contracts In July

08/01/2022 - 10:04:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity deteriorated for the first time in nearly one-and-a-half years in July, due to a faster fall in output and new orders amid weaker demand conditions, survey data from S&P Global showed Monday.

The seasonally adjusted Purchasing Managers' Index, or PMI, for the manufacturing sector dropped to 49.1 in July from 51.1 in June.

A reading above 50 indicates expansion, while any score below 50 suggests contraction in the sector.

Moreover, this marked the fastest downturn in the health of the Greek manufacturing sector since December 2020.

The decrease in production quickened to the sharpest since the end of 2020 as reduced new order inflows and challenging demand conditions led to lower output requirements.

New orders also fell sharply in July, linked to lower purchasing power of consumers following severe inflationary pressures.

Foreign demand was also lower in July, with new export orders decreasing at the steepest pace for a year-and-a-half.

Meanwhile, manufacturing employment rose only marginally and at the slowest pace since February 202, as goods producers reduced their workforce numbers in line with lower new order inflows.

On the price front, input price inflation eased to the slowest since January 2021. As a result, firms registered a softer rise in selling prices in July.

The output expectations for the year ahead improved in July. While optimism was below the series average, price stability and sales growth boosted optimism.

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