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Financial News: Greece Manufacturing Sector Growth Slows In December

Greece Manufacturing Sector Growth Slows In December

01/02/2020 - 07:18:00 (RTTNews)

(RTTNews) - Greece's manufacturing sector expanded at a slower pace in December as the growth in output and new orders slowed and inflationary pressures increased, survey results from IHS Markit showed on Thursday.

The manufacturing purchasing managers' index, or PMI, fell to 53.9 in December from 54.1 in November. Any reading above 50 indicates expansion in the sector.

Production growth remained solid in December, amid the rate of expansion easing to the slowest in 2019.

The increase in new order volumes softened to the lowest in six months and new export orders rose at the sharpest pace since April.

The rate of employment growth quickened to the highest in eight months in December, while backlogs of work continued to decline.

The rate of input price inflation quickened in December to the fastest since April and cost burdens were linked to higher prices for raw materials.

Inventories in both pre- and post-production inventories were reduced in December.

"Downside risks for 2020 from ongoing global economic uncertainty are still apparent, however, with our latest forecast pointing to a rise in industrial production of 1.1 percent for the year as a whole in Greece," Sian Jones, an economist at IHS Markit, said.

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