Greece’s manufacturing sector contracted for the eighth consecutive month in April, as output and new orders fell at faster rates, survey figures from Markit Economics showed Monday.
The seasonally adjusted purchasing managers’ index, or PMI, fell to 46.5 in April from 48.9 in March. Any reading below 50 suggests contraction in the sector. The latest reading was the lowest since June 2013.
Manufacturing output declined sharply in April, reflecting weakness in demand from both domestic and foreign markets.
New order intakes fell for the eighth consecutive month at the start of the second quarter, and at much faster rate than in March. Uncertainty and political instability had stymied client interest.
Manufacturers reduced their employment level in April, after rising modestly in the previous four months.
On the price front, input price inflation hit a ten-month high in April, driven by higher raw material prices, partly linked to a weak euro. Despite rising input prices, firms cut their selling prices in order to face strong competition.
The material has been provided by InstaForex Company – www.instaforex.com