Greece’s manufacturing activity stagnated in January, survey figures from Markit Economics showed Monday.
The seasonally adjusted purchasing managers’ index, or PMI, dropped to 50.0 in January from 50.2 in December. Any reading above 50 suggests expansion, while a reading below 50 indicates contraction in the sector.
The latest figure signaled a stabilization in the sector, having endured a steep downturn during 2015.
Manufacturing output fell marginally in January. New orders declined further and the rate of decrease accelerated since December 2015 yet was modest overall. Similarly, new export orders dropped during January.
Despite falling new orders and output, firms raised their staffing levels for the second successive month in January. Furthermore, the rate of jobs growth was the fastest since July 2007.
On the price front, input prices decreased for the first time in one year in January. The rate of decline was the fastest since April 2009. As a result, firms lowered their selling prices further.
The material has been provided by InstaForex Company – www.instaforex.com