Greek factory activity picks up slightly
Greek factory activity picked up slightly in November for the 10th month in a row amid rising production volumes, but subdued export sales held back order books, a survey showed.
S&P Global’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10% of Greece’s economy, rose marginally to 50.9 in November from 50.3 in October, the highest since September. Readings above 50 indicate growth in activity.
“November data indicated a positive month for the Greek manufacturing sector and business conditions remained more resilient than seen in many other parts of the euro area,” said Tim Moore, economics director at S&P Global Market Intelligence.
Total new orders were broadly stable in November, although new export orders dropped for a third month. “Goods producers often commented on weaker spending among clients in major export markets, which led to the fastest drop in new work from abroad since February,” Moore said.
Resilient business optimism helped support employment numbers in November. Overall workforce levels returned to expansion, following a marginal decline during the previous survey period.
About 40% of manufacturers see a rise in production volumes over the year ahead, while only 15% anticipate a decline. Positive sentiment was often linked to planned investment and long-term business development plans. [Reuters]
