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Financial News: Greece Manufacturing Sector Contracts At Record Pace

Greece Manufacturing Sector Contracts At Record Pace

05/04/2020 - 08:22:00 (RTTNews)

(RTTNews) - Greece's manufacturing sector shrank at a record pace in April, due to coronavirus outbreak, survey results from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index, or PMI, fell to 29.5 in April from 42.5 in March. This was the strongest deterioration since the survey began in May 1999. Any reading below 50 indicates contraction in the sector.

Output contracted at the sharpest rate in twenty-one years. The total sales decreased at the quickest since the survey began in May 1999 and new export orders fell in April. Input buying fall at the fastest since July 2015.

The number of workforce decreased in April and backlogs of work fell at a sharpest pace since the series began in November 2002. Suppliers cut their prices with cost burden falling at the quickest rate in four years.

"The impact of the escalation of the COVID-19 outbreak across Europe during April had a crippling effect on the Greek manufacturing sector," Siân Jones, an economist at IHS Markit, said.

"Greek manufacturers expect output to decline over the coming year, with pessimism stemming from extensions to lockdowns, struggles to access credit and worries over the speed of any recovery."

"Our current forecast expects Greek industrial production to contract by 4.1% in 2020," Jones added.

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