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Financial News: Greece Manufacturing Sector Strongest Since August

Greece Manufacturing Sector Strongest Since August

02/03/2020 - 10:03:00 (RTTNews)

(RTTNews) - Greece's manufacturing sector improved at the fastest pace in five months in January, survey results from IHS Markit showed on Monday.

The manufacturing purchasing managers' index, or PMI, rose to 54.4 in January from 53.9 in December. Any reading above 50 indicates expansion in the sector.

New business grew sharply in January and new export orders rose at the quickest rate since April as external demand increased.

The number of workforce increased at the strongest rate and the pace of employment growth quickened in January. The backlogs of work declined for the twelfth month in a row, as capacity pressure increased.

Cost pressures intensified as the rate of input price inflation accelerated in January and the pace of inflation was broadly in line with the long-run series trend. Factory-gate charges remained unchanged despite greater pressure on margins.

Purchasing activity rose as firms increased their efforts to accumulate raw materials and semi-finished items.

Stronger new order growth and hopes of greater investment, led to output expectations for the next year rising to the highest since July 2012, the survey reported.

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