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Financial News: Greece Manufacturing Sector Contracts In October

Greece Manufacturing Sector Contracts In October

11/02/2020 - 06:47:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity deteriorated in October, survey results from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index decreased to 48.7 in October from 50.0 in September. Any reading below 50.0 indicates contraction in the sector.

Output declined for the seventh time in eight months in October amid a fall in new orders.

Firms expectation for the next 12-months improved and they hope for an end to the Covid-19 pandemic.

On the price front, the cost burden increased at a solid rate and the rate of decline in selling prices was overall strong.

Firms reduced their workforce for the first time in three months and backlogs of work declined sharply and at the steepest pace for five months.

"Although positive expectations were largely driven by hopes of an end to the pandemic, our latest forecast for annual industrial production foresees a modest rise of 2.1 percent in 2021," Sian Jones, economist at IHS Markit, said.

"As the sector is expected to contract by 4.6% throughout 2020, the recovery to pre-pandemic levels may be drawn out," Jones added.

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